Im not sure if my ratios are correct

Autore Homework 1 (D) - Excel File Home Insert Page Layout Formulas Data Review View Help Acrobat 025 X 6,050 D E 1 The comparative balance sheet of Joemack Coffee Shop Inc. at October 31, 2020 for the years 2020 and 2019, and the income statements for the years ended October 31 2 JoeMack Coffee Shop Inc. JoeMack Coffee Shop Inc. 3 Balance Sheet Income Statement 4 October 31 Year Ended October 31 5 Assets 2020 2019 2020 2019 6 Cash $22,324 $5,550 Sales $485,625 $462,500 7 Accounts receivable 3,250 2,710 Cost of goods sold 222,694 208,125 8 Inventory 7,897 7,450 Gross profit $262,931 $254,375 9 Prepaid ex es 5,800 Operating expenses 10 Equipment 102,000 75,500 Salaries and wages expense 147,979 146,350 11 Accumulated depreciation -25,200 -9,100 Depreciation expense 17,600 9,100 12 Total assets $116,071 $88,160 Other operating expenses 48,186 42,925 13 Total operating expenses 213,765 198,375 14 Liabilities and Stockholders' Equity Income from operations 49.166 56,000 15 Accounts payable $1,150 $2,450 Other expenses 16 Income taxes payable 9,251 7,200 Interest expense 413 0 17 Dividends payable 27,000 27,000 Loss on disposal of plant assets 2,500 0 18 Salaries and wages payable 7,250 1.280 Total other expenses 2,913 0 19 Interest payable 188 0 Income before income tax 46,253 56,000 20 Note payable--current portion 4,000 0 Income tax expense 9,251 14,000 21 Note payable-long-term portion 6,000 0 Net Income 37,002 42,000 22 Stockholders Equity: Preferred stock, no par, $6 cumulative- 3,000 23 and 2,800 shares issued, respectively 15,000 14,000 24 Common stock, $i par-25,180 shares issued 25,180 25,180 25 Additional paid in capital-treasury stock 250 250 36 Retained earnings 2012 10 ann Q2-Financial Statements 023 02-b 02- OS 025 147,979 146, 150 17,600 9,100 48,186 42,925 213,765 198,375 49,166 56,000 Operating expenses Salaries and wages expense Depreciation expense Other operating expenses Total operating expenses Income from operations Other expenses Interest expense Loss on disposal of plant assets Total other expenses Income before income tax Income tax expense Net Income 0 0 413 2,500 2,913 46,253 9,251 37,002 56,000 14,000 42,000 9 Prepaid expenses 5,800 6,050 10 Equipment 102,000 75,500 11 Accumulated depreciation -25,200 -9,100 12 Total assets $116,071 $88,150 13 14 Liabilities and Stockholders' Equity 15 Accounts payable $1,150 $2.450 16 Income taxes payable 9,251 7,200 17 Dividends payable 27,000 27,000 18 Salaries and wages payable 7.250 1,280 19 Interest payable 188 0 20 Note payable-current portion 4,000 0 21 Note payable-long-term portion 6,000 0 22 Stockholders Equity: Preferred stock, no par, $6 cumulative- 3,000 23 and 2,800 shares issued, respectively 15,000 14,000 24 Common stock, $i par 25,180 shares issued 25,180 25,180 25 Additional paid in capital-treasury stock 250 250 26 Retained earnings 20,802 10,800 27 Total liabilities and stockholders' equity $116,071 $88,160 28 29 Additional Information: 30 Total common stockholders' equity at November 1, 2018, was $23,180. 31 Total assets at November 1, 2018, were $33,180. 32 Dividends on preferred stock were $16,800 in 2019 and $18,000 in 2020 33 Use the Above information to answer questions 02-a,b,c in the next three tabs 34 Q2-Financial Statements 02-0 02-6 Type here to search o me AutoSave Homework: 1 - Excel File Home Insert Page Layout Formulas Data Review View Help Acrobat B7 > fx 0.6 A D G H 1 Calculate the following Ratios: 2020 2019 2 Current ratio 2.38 3 Debt to assets 0.47 4 Gross profit rate 0.54 5 Profit margin 54 6 Return on assets 0.32 7 Return on common stockholders' equity 0.6 8 9 What impact (use the drop down list) would borrowing an additional $20,000 to buy more equipment have on each of the ratios in (a 10 Current ratio 11 Debt to assets 12 Gross profit rate 13 Profit margin 14 Return on assets 15 Return on common stockholders' equity 16 17 18 19 20 21 22 23