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Timlin Inc. made sales of $950 million during 2020. Of this amount, Timlin Inc. collected cash for all but $30 million. The company's cost of goods sold was $300 million, and all other expenses for the year totalled $250 million. Also during 2020, Timlin Inc. paid $370 million for its inventory and $265 million for everything else. Beginning cash was $70 million. Timlin Inc.'s top management is interviewing you for a job and they ask two questions: a. How much was Timlin Inc.'s net income for 2020? b. How much was Timlin Inc.'s cash balance at the end of 2020? a. How much was Timlin Inc.'s net income for 2020? Timlin's net income for 2020 is $ 400 million. b. How much was Timlin Inc.'s cash balance at the end of 2020? Timlin's cash balance at the end of 2020 is $ million. The balance sheet at December 31, 2018, 2019, and 2020, and income statement for the years ended December 31, 2018, 2019, and 2020, for Cheyenne Inc. include the following data: E (Click icon to view the balance sheet.) (Click icon to view the income statement.) Requirements Use the years of data to answer the following: 1. Calculate the current ratio for 2018, 2019, and 2020. 2. Calculate the debt ratio for 2018, 2019, and 2020. 3. Evaluate each ratio and determine if the ratio has improved or deteriorated over the three years. Explain what the changes mean. Requirements 1 & 2. Calculate the current ratio and the debt ratio for 2018, 2019, and 2020. (Use a calculator that allows you six decimals. Round all ratios to three decimals.) 2020 2019 2018 1. Current ratio 2. Debt ratio Requirement 3. Evaluate each ratio and determine if the ratio has improved or deteriorated over the three years. Explain what the changes mean. over the 3 years (some deterioration in 2019 was reversed in 2020). This means that Cheyenne Inc. had cash to pay its accounts payable and salaries payable every year. In 2020, the current ratio is and indicates The current ratio has that Cheyenne can pay its debts. Complete the sentences below. (Round the percent to the nearest whole number.) The debt ratio has over the 3 years. In 2018, Cheyenne financed 100% of its assets with debt, at December 31, 2020, only % of the assets were financed. The debt ratio at December 31, 2020 is V depending on the industry. Balance sheet Cheyenne Inc. Balance Sheet As at December 31 2020 2019 2018 (in thousands) Assets Current assets Cash $ 3.4 $ 1.4 $ 0.9 8.4 5.4 3.9 Accounts receivable Total current assets 11.8 6.8 4.8 16.4 9.9 3.4 Furniture and equipment, net. $ 28.2 $ 16.7 $ 8.2 Total assets Liabilities Current liabilities Accounts payable $ 5.4 $ 4.9 1.4 $ 3.4 0.9 Salaries payable 1.9 Total current liabilities 7.3 6.3 4.3 9.4 5.4 3.9 Notes payable Total liabilities 16.7 11.7 8.2 Shareholders' equity Shareholders' equity. 11.9 5.4 0.0 $ 28.6 $ 17.1 $ 8.2 Total liabilities and shareholders' equity Print Done I Income statement Cheyenne Inc. Income Statement For the Year Ended December 31 2020 2019 2018 (in thousands) Revenue Service revenue $ 100.4 $ 90.4 $ 64.4 Expenses Salary 60.4 57.9 44.8 Rent 18.4 16.4 12.4 Supplies 4.4 3.4 2.4 Utilities 4.9 4.4 2.4 5.4 3.4 2.4 Depreciation 93.5 85.5 Total expenses 64.4 Income before taxes 0.0 6.9 2.4 4.9 1.9 0.0 Income tax expense $ 4.5 $ 3.0 $ 0.0 Net income Print Done