Condensed statements of financial position and statement of income data for Speedway Corporation follow: 2019 SPEEDWAY CORPORATION Statement of Financial Position December 31 2021 2020 Assets Current assets Cash $24.900 $20,200 Accounts receivable (net) 55,200 44,700 Inventory 100,600 85.000 Total current assets 180,700 149,900 Long-term investments 59,600 71,900 Property, plant, and equipment (net) 497,800 367,200 Total assets $738,100 $589,000 Liabilities and Shareholders' Equity Liabilities Current liabilities $84,500 $79,400 Non-current liabilities 155,300 84,700 Total liabilities 239,800 164,100 Shareholders' equity Common shares 331,900 300,100 Retained earnings 166,400 124,800 Total shareholders' equity 498,300 424,900 Total liabilities and shareholders' equity $738,100 $589,000 $17,900 47,600 64,400 129,900 44,100 260,100 $434,100 $30,200 20,200 50,400 301,200 82,500 383,700 $434,100 SPEEDWAY CORPORATION Statement of Income Year Ended December 31 2021 Sales 697,700 Cost of goods sold 447,600 Gross profit 250,100 Operating expenses 150,900 Income from operations 99,200 Interest expense 9,900 Income before income tax 89,300 Income tax expense 17,860 Net income $71,440 2020 452,300 301,200 151.100 83,400 67,700 4,120 63,580 12,716 $50,864 Additional information: 1. 2. 3. The allowance for doubtful accounts was $4,800 in 2019, $4,500 in 2020, and $5,000 in 2021. All sales were credit sales. Net cash provided by operating activities was $119,100 in 2020 and $102,600 in 2021. Net capital expenditures were $151,100 for 2020 and $180,700 for 2021. 4 Calculate the following ratios for 2020 and 2021: (Round answers to 1 decimal place, eg. 5.2:1 or 5.2% or 5.2. Enter negative answers preceeding either - sign, e.g.-45 or in parentheses, e.g. (45).) 2021 2020 1. Current ratio 2.11 :1 1.89 :1 times times 4.85 4.04 2. Receivables turnover 3. Inventory turnover 4. Debt to total assets times times 32.5 % 27.9 % 5. Times interest earned times times $ $ $ 6. Free cash flow 35.8 % 33.4 % 7. Gross profit margin 8. Profit margin 10.2 11.2 % % 9. Asset turnover times times 10. Return on assets % %