K Comparative financial statement data of Ranfield, Inc. follow. (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Requirement 1a. Compute the current ratios for 2024 and 2023. Begin by selecting the formula to compute the current ratio. Current ratio = Balance Sheet Assets Current Assets: Cash Ranfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 2022" Income Statement Accounts Receivables, Net Merchandise Inventory Prepaid Expenses Total Current Assets Property, Plant, and Equipment, Net Total Assets Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Additional Financial Information (Click the icon to view the additional financial information.) Read the requirements 1. Market price of Ranfield's common stock: $55.76 at December 31, 2024, and $26.04 at December 31, 2023 2. Common shares outstanding: 14,000 on December 31, 2024 and 13,000 on December 31, 2023 and 2022. 3. All sales are on credit. Print Done - X Requirements S 90,000 $ 111,000 88,000 Ranfield, Inc. 118,000 S 101,000 143,000 161,000 205,000 20,000 7,000 364,000 374,000 Net Sales Revenue 217,000 173,000 S 581,000 $ 547,000 $595,000 Cost of Goods Sold Gross Profit Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 S 463,000 $425,000 243,000 214,000 1. Compute the following ratios for 2024 and 2023: 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 2. Decide (a) whether Ranfield'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. 220,000 211,000 138,000 135,000 Operating Expenses S 224,000 $ 115,000 240,000 95,000 339,000 335,000 Income From Operations Interest Expense 82,000 75,000 11,000 14,000 Print Done Income Before Income Tax Income Tax Expense 71,000 61,000 21,000 27,000 $ 50,000 $ 34,000 Net Income 96,000 146,000 96,000 116,000 93,000 Preferred Stock, 6% Common Stockholders' Equity, no par S Total Liabilities and Stockholders' Equity *Selected 2022 amounts 581,000 $ 547,000 Print Done