Exercise 12-7A Calculate risk ratios (L012-3) The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 200,600 $ 127,000 Accounts receivable 92,000 99,000 Inventory 102,000 87,000 Investments 4,700 2,700 Long-term assets: Land 550,000 550,000 Equipment 860,000 740,000 Less: Accumulated depreciation (498,080) (338,000) Total assets $1,311,300 $1,267,700 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 106,000 $ 92,000 Interest payable 6,500 12,700 Income tax payable 8,500 5,700 Long-term liabilities: Notes payable 110,000 220,000 Stockholders' equity: Common stock 770,000 770,000 Retained earnings 310,300 167,300 Total liabilities and stockholders' equity $1,311,300 $1,267,700 Additional information for 2021 Additional Information for 2021: 1. Net Income is $143,000. 2. Sales on account are $1,776,300. 3. Cost of goods sold is $1,323,000. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio . Debt to equity ratio timos times 101 to 1 % 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Yes No