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Doors Inc.'s condensed income statement and balance sheet for the years 2022 and 2021 follow. 1. Accounts Receivable increased 20 percent from 2021 to
Doors Inc.'s condensed income statement and balance sheet for the years 2022 and 2021 follow. 1. Accounts Receivable increased 20 percent from 2021 to 2022. 2. There were no new purchases of land, property, or equipment in 2022. 3. Accounts Payable decreased 20 percent from 2021 to 2022. 4. No new shares of common stock were issued in 2022. 5. The company paid out cash dividends of $122,641 in 2022. 6. The inventory turnover ratio for 2022 was 5 times. 7. The asset turnover ratio in 2022 was 2.6 times and in 2021 was 2.1 times. 8. The earnings per share in 2022 was $88.35 and in 2021 was $27.30. 9. The effective income tax rate in both years was 20 percent. Required: Complete Doors Inc.'s condensed Income Statement and Balance Sheet for years 2022 and 2021. Analyze: Assume that the management of Doors Inc. had been given a directive by the board of directors to improve the company's current ratio in 2022. Did the company improve its standing in this regard from the prior year? Complete this question by entering your answers in the tabs below. Income Stmt Balance Sheet Analyze Complete Doors Inc.'s condensed Income Statement for years 2022 and 2021. DOORS, INC. Condensed Comparative Income Statement For Years Ending December 31, 2022 and 2021 Sales Less: Cost of Goods Sold Amounts 2022 2021 123,600 Gross Profit Operating Expenses Net Income before Income Tax Income Tax Expense Net Income after Income Tax $ 113,900 $ 99,000 Balance Sheet > Income Stmt Balance Sheet Analyze Complete Doors Inc.'s condensed Balance Sheet for years 2022 and 2021. (Amounts to be deducted should be indicated with a minus sign.) DOORS, INC. Comparative Balance Sheet December 31, 2022 and 2021 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets- Property, Plant, and Equipment Land Equipment Less Accumulated Depreciation Total Property, Plant, and Equipment- Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Accrued Expenses Total Current Liabilities Stockholders Equity Amounts 2022 2021 $ 53,500 $ 34,800 23,300 28,600 18,200 $ 76,300 $ 21,600 51,500 (9,400) $ 62.200 $ 138,500 $ 17.600 $ 30,000 $ 48.800 Common Stock ($1 par, 10,000 Shares Authorized) $ 2,000 Paid in Capital in Excess Of Par-Common Stock 500 Retained Earnings 87,200 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Income Stmt Balance Sheet Analyze Assume that the management of Doors Inc. had been given a directive by the board of directors to improve the company's current ratio in 2022. Did the company improve its standing in this regard from the prior year? Did the company improve its standing in this regard from the prior year < Balance Sheet Analyze.
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