nformation for Sheffield Corp. is given below: Sheffield Corp. Balance Sheet December 31, 2021 Assets Equities Cash $306000 Accounts payable $ 636000 Accounts receivable (net) 1943000 Income taxes payable 194000 Inventories 2435000 Miscellaneous accrued payables 222000 Plant and equipment, Bonds payable (8%, due 2023) 1871000 net of depreciation 1980000 Preferred stock ($100 par. 6% Patents 265000 cumulative nonparticipating) 746000 Other intangible assets 73600 Common stock (no par, 60,000 Total Assets $7002600 shares authorized, issued and outstanding) 1121000 Retained earnings 2437600 Treasury stock-1500 shares of preferred (225000) Total Equities $7002600 Sheffield Corp. Income Statement Year Ended December 31, 2021 Net sales $8900000 Income Statement Year Ended December 31, 2021 Net sales $8900000 Cost of goods sold 6500000 Gross profit 2400000 Operating expenses (including bond interest expense) 1400000 Income before income taxes 1000000 Income tax 300000 Net Income $ 700000 Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared At December 31, 2021, the current ratio was Additional information There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared. At December 31, 2021, the current ratio was 4684-1052 2249636 4684+830 6668 830