F:17 Homework Comparative financial statement data of Hanfield, Inc. follow (Click the icon to view the income statement) (Click the icon to view the balance sheet) Part 1 of 20 Balance Sheet. Requirement 1a. Compute the current rat Begin by selecting the formula to compute Current ratio (Click the icon to view the additional financial information) Read the requirements Hanfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 2022 Assets Current Assets: Cash 95,000 $ 92,000 Accounts Receivables, Net 114,000 116,000 $ 106,000 Merchandise Inventory 143,000 165,000 210,000 19,000 6.000 Prepaid Expenses Total Current Assets 371.000 379.000 Property, Plant, and Equipment, Net 213,000 176.000- 5 584,000 $ 555.000 Total Assets $595,000 Liabilities Total Current Liabilities $ 228 000 $ 241,000 119.000 94,000 Long-term Liabilities Total Liabilities 347,000 335,000 Stockholders' Equity Preferred Stock, 6% 96,000 96.000 141,000 124,000 Common Stockholders' Equity, no par 90,000 Clear all Chec te the current rat mula to compute Income Statement Hanfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 - X 2024 2023 Net Sales Revenue $ 467,000 $ 424,000 022 Cost of Goods Sold 243,000 212,000 Gross Profit 224,000 212,000 139,000 137,000 Operating Expenses Income From Operations 85,000 75,000 06,000 11,000 14,000 Interest Expense 10,000 Income Before Income Tax 74,000 61,000 24,000 27,000 Income Tax Expense 50,000 $ 34,000 Net Income - X Additional Financial Information 1. Market price of Hanfield's common stock $53.90 at December 31, 2024, and $33.41 at December 31, 2023. 2. Common shares outstanding: 12,000 on December 31, 2024 and 11,000 on December 31, 2023 and 2022 3. All sales are on credit. Print Done