Exercise 12-7A Calculate risk ratios (LO12-3) 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 $ $ 170,200 68,000 90,000 3,500 115,000 87,000 75,000 1,500 430,000 740,000 (378,000) $1,123,700 430,000 620,000 (218,000) $1,110,500 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 94,000 5,500 7,500 80,000 11,500 4,500 100,000 200,000 650,000 266,700 $1,123,700 650,000 164,500 $1,110,500 Additional information for 2021: 1. Net income is $102,200. 2. Sales on account are $1,348,500. 3. Cost of goods sold is $1,056,000. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) 2UU, Iuu 104. JUU keldireu edilengs Total liabilities and stockholders' equity $1,123,700 $1,110,500 Additional information for 2021: 1. Net income is $102,200. 2. Sales on account are $1,348,500. 3. Cost of goods sold is $1,056,000. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) times times Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio e. Debt to equity ratio to 1 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