DECEMBER 31, 2020 Cash $44,900 Notes payable (short-term) $50,400 Receivables $110,500 Accounts payable 32,300 Less: Allowance 15,000 95,500 Accrued liabilities 5,100 Inventory 171,600 Common stock (par $5) 258,700 Prepaid insurance 7,900 Retained earnings 143,700 Land 20,100 Equipment (net) 150,200 $490,200 $490,200 SHERIDAN INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,413,100 Cost of goods sold Inventory, Jan. 1, 2020 $198,400 Purchases 796,600 Cost of goods available for sale 995,000 (171,600 ) Inventory, Dec. 31, 2020 Cost of goods sold 823,400 Gross profit on sales 589,700 Operating expenses 171,500 Net income $418,200 (a) Compute the following ratios or relationships of Sheridan Inc. Assume that the ending account balances are representative unless the information provided indicates differently. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) (1) Current ratio times (2) ) Inventory turnover times (3) Accounts receivable turnover times (4) Earnings per share $ $ (5) Profit margin on sales % (6) Return on assets on December 31, 2020 %