Current Attempt in Progress The following financial information is for Crane Company. CRANE COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 69,000 $ 69,000 Debt investments (short-term) Accounts receivable 51,000 39,000 105,000 90,000 Inventory 230,000 168,000 Prepaid expenses 24,000 26,000 Land 129,000 129,000 Building and equipment (net) 262,000 183,000 Total assets $870,000 $704,000 Liabilities and Stockholders' Equity Notes payable $171,000 $109,000 Accounts payable 66,000 52,000 Accrued liabilities 40,000 40,000 Bonds payable, due 2025 252,000 172,000 Common stock, $10 par 205,000 205,000 Retained earnings 136,000 126,000 Total liabilities and stockholders' equity $870,000 $704,000 CRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $893,000 $782,000 Cost of goods sold 648,000 575,000 Gross profit 245,000 207,000 Operating expenses 195,000 161,000 Net income $ 50,000 $46,000 Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $88,000. 3. Total assets at the beginning of 2021 were $636,000. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on account. 2021 2022 LIQUIDITY Current ratio 1.95 :1 0.17 :1 % Change (91.28) % Accounts receivables 5.8 times 6.27 times 8.10 % turnover Inventory 1.19 times 1.23 times 3.36 % do turnover PROFITABILITY Profit margin Asset turnover Return on assets 2021 5.9 % 2022 5.6 % % Change (5.08) 1.16 times 1.13 times (2.59) 6.53 % Earnings per share $ 0.22 5.75 % (11.94) $ 4.24 1827.27