Lily Corporation Balance Sheets December 31 2022 2021 2020 Cash $29,700 $ 17,100 $ 17,600 Accounts receivable (net) 49,000 45,900 47,800 Other current assets 90,300 94,300 63,400 Investments 55,600 69,600 45,100 Property, plant, and equipment (net) 500,800 370,400 357,600 $725,400 $597,300 $531,500 Current liabilities $85,900 $80,700 $70,100 Long-term debt 145,800 84,800 49,500 Common stock, $10 par 348,000 313,000 309,000 Retained earnings 145,700 118,800 102,900 $725,400 $597,300 $531,500 Lily Corporation Income Statements For the Years Ended December 31 2022 2021 Sales $742,500 $606,300 Less: Sales returns and allowances 39,500 30,500 Net sales 703,000 575,800 Cost of goods sold 425,800 367,000 Gross profit 277,200 208,800 Operating expenses (including income taxes) 192,840 145,462 Net income $84,360 $63,338 1. The market price of Jergan's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. 2. You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. (a) Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, eg. 1.65. Round payout ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, eg. 6.8 or 6.8%) (1) Profit margin (2) Gross profit rate (3) Asset turnover 2022 12 % 36.3 % 2021 12 % 39.4 % 1.02 times 106 times (4) Earnings per share $ 18.51 21.27 (5) Price-earnings ratio 0.4 times 04 times (6) Payout ratio 75 % 68 % (7) Debt to assets ratio 28 % 32 %