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Full WUI Chapel 12 Mathway | Algebra apter #12 Saved PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 137,200
Full WUI Chapel 12 Mathway | Algebra apter #12 Saved PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 137,200 74,000 93,000 3,800 118,000 90,000 78,000 1,800 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 460,000 770,000 ( 408,000) $1,130,000 460,000 650,000 (248,000) $1,149,800 $ 97,000 5,500 7,500 83,000 11,800 4,800 100,000 200,000 680,000 240,000 $1,130,000 680,000 170,200 $1,149,800 Additional information for 2021: 1. Net income is $69,800. 2. Sales on account are $1.451,400. 3. Cost of goods sold is $1,120,050. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio times Retained earnings Total liabilities and stockholders' equity 240,000 $1,130,000 170,200 $1,149,800 Additional information for 2021: 1. Net income is $69,800. 2. Sales on account are $1,451,400. 3. Cost of goods sold is $1,120,050. eBook Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Hint times times Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio e. Debt to equity ratio References 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Yes No
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