Financial information for SWIFTY Inc. follows. Cash Receivables Less: Allowance Inventories Prepaid insurance Land Equipment (net) SWIFTY INC. Statement of Financial Position December 31, 2020 $41,000 Notes payable (short-term) Accounts payable 99,000 Accrued liabilities 200,000 Share capital (54,000 shares) 8,000 Retained earnings 16,000 190,000 $554,000 $113,000 14.000 $47,000 36,000 6,000 270,000 195.000 $554,000 Income Statement For the Year Ended December 31, 2020 $229,000 760,000 989,000 200,000 Sales Cost of goods sold Inventory. Jan. 1, 2020 Purchases Cost of goods available for sale Inventory, Dec. 31, 2020 Cost of goods sold Gross profit on sales Operating expenses Income before income taxes Income tax expense Net income $1,400,000 789,000 611,000 200,000 411,000 125,306 $285,694 Calculate the following ratios or relationships of Swifty Inc. Assume that the ending account balances are representative unless the information provided indicates differently. (Round answer in days to 0 decimal places, e.g. 5,275 and all other answers to 2 decimal places, eg 52.75 or 52.75%. Use 365 days for calculation.) 1. Current ratio times 2. Inventory turnover times 3. Receivables turnover times 4. Average age of receivables (days sales outstanding) days 5. Average age of payables (days payables outstanding, based on cost of goods sold only) days 6. Earnings per share $ 7. Profit margin on sales % 8. Rate of return on assets % For each of the following transactions, indicate whether the transaction would improve, weaken, or have no effect on the current ratio of Swifty Inc. at December 31, 2020. 1. Writing off an uncollectible account receivable for $2,200 2. Receiving a $47,000 down payment on services to be performed in 2020 3. Paying $37,600 on notes payable (short-term) 4. Collecting $26,000 on accounts receivable 5. Purchasing equipment on account 6. Giving an existing creditor a short-term note in settlement of an open account payable 7. Recording an impairment loss on land eTextbook and Media Improve No effect Weaken