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Condensed balance sheet and income statement data for Sheridan Corporation are presented as follows. SheridanCorporation Balance Sheets December 31 Assets Cash 2022 2021 $28,904 $25,468
Condensed balance sheet and income statement data for Sheridan Corporation are presented as follows. SheridanCorporation Balance Sheets December 31 Assets Cash 2022 2021 $28,904 $25,468 Receivables (net) 83,600 75,600 Other current assets 103,600 86,600 Long-term investments 62,000 60,000 Property, plant, and equipment (net) 523,600 483,600 Total assets $801,704 $731,268 Liabilities and Stockholders' Equity Current liabilities $77,180 $72,180 Long-term liabilities 93,600 103,600 Common stock 343,600 313,600 Retained earnings 287,324 241,888 Total liabilities and stockholders' equity $801,704 $731,268 SheridanCorporation Income Statements For the Years Ended December 31 2022 2021 Sales revenue $762,000 $715,000 Cost of goods sold 440,000 400,000 Operating expenses (including income taxes) 240,000 220,000 Net income $82,000 $95,000 Compute these values and ratios for 2021 and 2022. (Round ratios to 1 decimal place, e.g. 15.2.) (a) Working capital. (b) Current ratio. (c) Debt to assets ratio. (d) 2021 :1 % 2022 :1 % Based on the ratios calculated, comment on the improvement or lack thereof in financial position from 2021 to 2022 of Sheridan Corporation. The liquidity as shown by the working capital and the current ratio has The solvency as shown by the debt to assets ratio has
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