Condensed statements of financial position and statement of income data for Crown Point Corporation follow: CROWN POINT CORPORATION Statement of Financial Position December 31 2021 2020 2019 Assets Current assets Cash $25,300 $20,100 $17.900 Accounts receivable (net) 55,300 45,400 48,300 Inventory 100,400 84,600 63,800 Total current assets 181,000 150,100 130,000 Long-term investments 53,000 74,300 44,600 Property, plant, and equipment (net) 501,000 370,200 258,800 Total assets $735,000 $594,600 $433,400 Liabilities and Shareholders' Equity Liabilities Current liabilities $84,700 $80,600 $30,300 Non-current liabilities 155,500 85,100 20,000 Total liabilities 240,200 165,700 50,300 Shareholders' equity Common shares 328,900 302,700 299,600 Retained earnings 165,900 126,200 83,500 Total shareholders' equity 494,800 428,900 383,100 Total liabilities and shareholders' equity $735,000 $594,600 $433,400 CROWN POINT CORPORATION Statement of Income Year Ended December 31 2021 2020 Sales 704,600 449,400 Cost of goods sold 454,200 298,500 Gross profit 250,400 150,900 Operating expenses 150,900 83,200 Income from operations 99,500 67,700 Interest expense 10,100 4,110 Income before income tax 89,400 63,590 Income tax expense 17,880 12,718 Net income $71,520 $50,872 Additional information: 1 The allowance for doubtful accounts was $4,900 in 2019, $4,600 in 2020, and $5,000 in 2021. 2. All sales were credit sales. Net cash provided by operating activities was $120,600 in 2020 and $103,000 in 2021. 4. Net capital expenditures were $150,900 for 2020 and $181,000 for 2021. 3. (a) Your answer is partially correct. 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, eg. 45 or in parentheses, eg: (45)) 2021 2020 2.1 1.9 1. Current ratio :1 :1 12.7 9.9 2. Receivables turnover times times 4.9 4 3. Inventory turnover times times 32.7 28 4. Debt to total assets % % 9.8 16.5 times times -78000 $ -30300 35.5 5. Times interest earned 6. Free cash flow 7. Gross profit margin 8. Profit margin Asset turnover 33.6 % % 10.1 11.3 1.1 0.9 9. times times 10.8 10 10. Return on assets % % eTextbook and Media Save for Later Attempts: unlimited Submit