Income Statement For Year Ended December 31, 2021 Sales $ 448,600 Cost of goods sold 297,350 Gross profit 151, 250 Operating expenses 98,800 Interest expense 4,000 Income before taxes 48,450 Income tax expense 19,518 Net income $ 28,932 5 Assets Cash Short-term investments Accounts receivable, net Merchandise Inventory Balance Sheet December 31, 2021 Liabilities and Equity $ 14,000 Accounts payable 8,000 Accrued wages payable 30,400 Income taxes payable 40,150 Long term note payable, secured by mortgage on plant assets 2,800 Conmon stock 150,380 Retained earnings $ 245,650 Total liabilities and equity 18,500 3,400 2,900 70,400 Prepaid expenses Plant assets, net Total assets 85,000 65,450 $ 245,658 $ 245, 650 Saved 245,650 Total liabilities and equity Req 11 Req 10 Reg 9 Corporation: (1) current ratio. (2) acid-test ratio, (3) days' sales uncollected. (4) Inventory turnover (5) o-equity ratio. (7) times interest earned, (8) profit margin ratio. (9) total asset turnover (10) return on Smmon stockholders' equity. (Do not round Intermediate calculations.) Req8 Req 7 by entering your answers in the tabs below. Reg 6 Reg S Reg 4 Current Ratio Current ratio to 1 t ratio and acid-test ratio. Current Ratio Choose Denominator: Acid. Test Ratio Acid-Test Ratio to 1 umerator Acid Test Ratio Choose Denominator: Req3 > Hoganda Next > Choose Numerator 6 of 8