MACARON CORPORATION Statement of Financial Position December 31 2021 2020 2019 Assets Current assets Cash $24.800 $20,200 $18,200 Accounts receivable (net) 55,300 45,000 48.200 Inventory 99,800 85,700 63,400 Total current assets 179,900 150,900 129,800 Long-term investments 56,200 68,900 46,600 Property, plant, and equipment (net) 502,900 373,300 256,500 Total assets $739,000 $593,100 $432.900 Liabilities and Shareholders' Equity Liabilities Current liabilities $85,300 $79,800 $30.100 Non-current liabilities 156,300 85,400 19.900 Total liabilities 241,600 165,200 50.000 Shareholders' equity Common shares 332,700 302,900 299,800 Retained earnings 164,700 125,000 83.100 Total shareholders' equity 497,400 427,900 382.900 Total liabilities and shareholders' equity $739,000 $593,100 $432,900 MACARON CORPORATION Statement of Income Year Ended December 31 2021 2020 Sales 701,600 447,400 Cost of goods sold 451,400 299,000 Gross profit 250,200 148,400 Operating expenses 151,300 83,500 Income from operations 98,900 64,900 Interest expense 10,100 3.800 Income before income tax 88.800 61,100 Income tax expense 17.760 12,220 Net income $71.040 $48,880 Additional information: 1. The allowance for doubtful accounts was $4.900 in 2019, $4,500 in 2020, and $4,900 in 2021. All sales were credit sales. 2. 3. Net cash provided by operating activities was $119,700 in 2020 and $102,400 in 2021. Net capital expenditures were $148,400 for 2020 and $179,900 for 2021. 4. Your answer is partially correct. Calculate the following ratios for 2020 and 2021: (Round answers to 1 decimal place, e.g. 5.2:1 or 5.2% or 5.2. Enter negative answers preceeding either - sign, e.g.-45 or in parentheses, eg. (45).) 2021 2020 2.1 :1 1.9 1. Current ratio :1 12.7 times 11.4 2. Receivables turnover times 4.9 3. Inventory turnover times 4.0 times 4. Debt to total assets 32.7 27.9 % % 9.79 17.1 5. Times interest earned times times $ 6. $ (77500) Free cash flow (28700) 35.7 33.1 7. Gross profit margin % % 8. Profit margin % % 9. Asset turnover times times 10. Return on assets % %