ignment Question 3 of 4 0.82/1 E Comparative financial statements for The Crane Company Ltd. are shown below. THE CRANE COMPANY LTD. Income Statement Year Ended December 31 2021 2020 Net sales $2,117.430 $1,533.250 Cost of goods sold 1,058,810 934.290 Gross profit 1,058,620 598,960 ho Operating expenses 540,900 465,140 Profit from operations 517.720 133,820 Interest expense 26,540 20.730 Profit before income tax 491,180 113.090 Income tax expense 147.354 33.927 Profit $343,826 $79,163 Question 3 of 4 0.827 1 = THE CRANE COMPANY LTD. Balance Sheet December 31 Assets 2021 2020 Current assets Cash $107,646 $64,473 Accounts receivable 112.404 101.700 Inventory 145.980 119.450 Total current assets 366.030 285,623 675,868 522.303 Property, plant, and equipment $1,041.898 $807.926 Total assets Liabilities and Shareholders' Equity Current liabilities $162,080 $123,624 Accounts payable 41,710 41.640 Income tax payable 10. 1920 20.560 Current partion of mortgage navable Question 3 of 4 0.82/1 II! Liabilities and Shareholders' Equity Current liabilities Accounts payable $162,080 $123.624 Income tax payable 41,710 41,640 Current portion of mortgage payable 10.190 20,560 Total current liabilities 213.980 185.824 Mortgage payable 113,500 213.200 Total liabilities 327,480 399.024 Shareholders' equity Common shares (59,680 issued in 2021; 63,380 in 2020) 179.040 190.140 Retained earnings 535,378 218.762 714.418 408,902 Total shareholders' equity $1,041,898 $807,926 Total liabilities and shareholders' equity Additional information: Prime Video Gogoanin ssignment Question 3 of 4 0.82 Additional information: 1. All sales were on account. 2. The allowance for doubtful accounts was $4,871 in 2021 and $5,571 in 2020. 3. On July 1, 2021,3,700 shares were reacquired for $9 per share and cancelled. 4. In 2021, $5,010 of dividends were paid to the common shareholders. 5. Cash provided by operating activities was $343,726. ho 6. Cash used by investing activities was $158,326. Calculate all possible liquidity, solvency, and profitability ratios for 2021. (Round answers for Collection period, Days sales in invento Operating cycle and Free cash flow to 0 decimal places, e.g. 125. Round answer for Earnings per share to 2 decimal places, eg. 12.56. Rou other answers to 1 decimal place, e.g. 12.5 or 12.5%.) Liquidity Ratios 1.7 1. Current ratio 1.1 2. Acid-test ratio Question 3 of 4 0.82/1 !!! Solvency Ratios 8. Debt to total assets 31.4 % 9. Interest coverage 19.5 times 10. Free cash flow 185400 Profitability Ratios 11. Gross profit margin 49.9 % 12. Profit margin 16.2 % 13. Asset turnover 2.3 times 14. Return on assets 37.2 % 15. Return on equity 61.2 % $ 5.68 16. Earnings per share chop 0.82/1 lii Profitability Ratios 11. Gross profit margin 49.9 % 12. Profit margin 16.2 % 13. Asset turnover 23 times 14. Return on assets % 37.2 0 15. Return on equity 61.2 16. Earnings per share $ 5.68 17 Payout ratio 158.4 e Textbook and Media Attempts: 1 of 3 used Submit Answer Save for Later