irses/36024/assignments/3780938 (a-d) x Your answer is incorrect. Calculate the following liquidity ratios for 2016. (If working capital is negative then enter with a negative sign preceding the number or parentheses, eg. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, eg. 2.55.) a. Working capital -4,294,250 b. Current ratio c. Acid-test ratio d. Accounts receivable turnover e Textbook and Media Save for Later Attempts: 3 of 12 used Submit Answer Pharoah Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Pharoah Medical Comparative Balance Sheet As of December 31 2016 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $387,000 $417,400 1,075,000 776,500 727,000 681,100 381,350 247,050 2,570,350 2,122,050 8,651,835 8,439,645 $11.222.185 $10.561.695 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Total current assets 2,570,350 2,122,050 Property, plant, & equipment, net 8,651,835 8,439,645 Total assets $11,222,185 $10,561,695 Liabilities and Stockholders' Equity $3,162,000 $2,846,000 Current liabilities Long-term debt 3,702,600 3,892,600 Total liabilities 6,864,600 6,738,600 Preferred stock, $5 par value 58,950 58,900 104,650 103,900 Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4,193,985 3,660,295 4357,585. 3,823,095 $11,222,185 $10,561,695 Pharoah Medical Comparative Income Statement and Statement of Retained Earnings For the Year S/36024/assignments/3780938 Pharoah Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $ 10,177,300 $9,613,900 Cost of goods sold 5,613,000 5,298,700 Gross profit 4,564,300 4,315,200 Operating expenses 2,840,300 1,724,000 Net operating income Interest expense 2,634,200 1,681,000 308,650 1,372,350 411,705 $960,645 300,300 1,423,700 427,110 $996,590 Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends 29,550 Common dividends 413,100 29,500 433,400 462.900 533,690 Total dividends paid 442,650 517.995 Net income retained History Bookmarks People Tab Window Help com/courses/36024/assignments/3780938 Interest expense 300,300 308,650 Net income before taxes 1,423,700 1,372,350 Income taxes (30%) 427,110 411,705 Net income $996,590 $960,645 Dividends paid Preferred dividends 29,500 29,550 Common dividends 433,400 413,100 Total dividends paid Net income retained 462,900 442,650 533,690 517,995 3,660,295 3,142,300 $4,193,985 $3,660,295 Retained earnings, beginning of year Retained earnings, end of year (a-d) X Your answer is incorrect. Calculate the following liquidity ratios for 2016 (lf working ranitalis negative then er
