Income Statement Canfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue $ 464,000 $ 423,000 Cost of Goods Sold 243,000 218,000 Gross Profit 221,000 205,000 132,000 130,000 Operating Expenses Income From Operations 89,000 75,000 10,000 11,000 Interest Expense Income Before Income Tax 79,000 64,000 20,000 23,000 Income Tax Expense $ 59,000 $ 41,000 Net Income Print Done Balance Sheet Canfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 2022* Assets Current Assets: Cash 96,000 $ 93,000 Accounts Receivables, Net 110,000 119,000 $ 107,000 Merchandise Inventory 145,000 158,000 201,000 16,000 8,000 Prepaid Expenses Total Current Assets 367,000 378,000 211,000 178,000 Property, Plant, and Equipment, Net $ 578,000 $ 556,000 Total Assets $595,000 Liabilities Balance Sheet Prepaid Expenses Total Current Assets 16,000 8,000 367,000 378,000 211,000 178,000 Property, Plant, and Equipment, Net 578,000 $ 556,000 Total Assets $595,000 Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities 226,000 $ 242,000 114,000 98,000 340,000 340,000 Stockholders' Equity Preferred Stock, 5% 98,000 98,000 140,000 118,000 Common Stockholders' Equity, no par 88,000 $ 578,000 $ 556,000 Total Liabilities and Stockholders' Equity *Selected 2022 amounts Print Done 1. Compute the following ratios for 2024 and 2023: 2. a. Current ratio b. Cash ratio c. Times-interest-earned ratio d. Inventory turnover e. Gross profit percentage f. Debt to equity ratio g. Rate of return on common stockholders' equity h. Earnings per share of common stock i. Price/earnings ratio Decide (a) whether Canfield's ability to pay debts and to sell inventory improved or deteriorated during 2024 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased. Print Done Requirement 1a. Compute the current ratios for 2024 and 2023. Begin by selecting the formula to compute the current ratio. Current ratio = Now, compute the current ratios for 2024 and 2023. (Round your answers to two decimal places, X.XX.) 2024 2023 Current ratio Requirement 1b. Compute the cash ratios for 2024 and 2023. Begin by selecting the formula to compute the cash ratio. Cash ratio: Now, compute the cash ratios for 2024 and 2023. (Round your answers to two decimal places, X.XX.) Requirement 1b. Compute the cash ratios for 2024 and 2023. Begin by selecting the formula to compute the cash ratio. Cash ratio = Now, compute the cash ratios for 2024 and 2023. (Round your answers to two decimal places, X.XX.) 2024 2023 Cash ratio Requirement 1c. Compute the times-interest-earned ratios for 2024 and 2023. Begin by selecting the formula to compute the times-interest-earned ratio. Times-interest-earned ratio Now, compute the times-interest-earned ratios for 2024 and 2023. (Round your answers to two decimal plac Times-interest-earned ratio 2024