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A firm had the following abbreviated income statement for 2020 and abbreviated balance sheets at the end of 2020 and 2021.

	2020
Sales	$600,000
Less Cost of goods sold	320,000
Gross Profit	280,000
Less Operating expenses	190,000
Less Depreciation	30,000
Operating Income (EBIT)	60,000
Less Interest expense	20,000
Earnings Before Taxes (EBT)	40,000
Less Income tax	14,000
Earnings After Tax (Net Income)	$26,000

	2020	2021
Cash	$13,000	$15,000
Marketable securities	41,000	40,000
Accounts receivable	22,000	25,000
Inventory	60,000	60,000
Prepaid expenses	11,000	20,000
Buildings (net)	620,000	600,000
Equipment (net)	109,000	100,000
Total Assets	$876,000	$860,000
Accounts payable	20,000	40,000
Wages payable	5,000	3,000
Bonds payable	414,000	364,000
Total Liabilities	439,000	407,000
Common stock	200,000	200,000
Retained Earnings	237,000	253,000
Total Equity	437,000	453,000
Total Liabilities & Equity	$876,000	$860,000

The company paid a dividend in 2021 of $10,000. All sales are made on account.

Required:

A. Calculate the current ratio at the end of 2021. _______________

B. Calculate the quick ratio at the end of 2021. ________________

C. Calculate the working capital at the end of 2021. _______________

D. Calculate average age of accounts receivable during 2021. _______________

E. Calculate the inventory turnover during 2021. _________________

F. Calculate the average age of accounts payable during 2021. _____________

G. Calculate the accounts receivable turnover during 2021. _____________

H. Calculate the pre-tax profit margin for 2021. ____________

I. Calculate the cash conversion cycle, in days during 2021. _____________

J. Calculate the debt/equity ratio at the end of 2021. ________________

K. Calculate the debt ratio at the end of 2021. ______________

L. Calculate the times interest earned ratio for 2021. _______________

M. Calculate the dividend payout ratio for 2021. _________________

N. Calculate the gross profit margin for 2021. _____________

O. Calculate the operating profit margin for 2021. ____________

P. Calculate the net profit margin for 2021. _______________

Q. Calculate the return on assets (ROA) for 2021. _________________

R. Calculate the total asset turnover during 2021. _______________

S. Calculate the return on equity (ROE for 2021. ______________

T. Calculate the marginal tax rate for 2021. _________________