PHAROAH COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,697,400 $1,575,000 Cost of goods sold 947,000 905,400 Gross profit 750,400 669,600 Selling and administrative expenses 450,000 431,100 Income from operations 300,400 238,500 Other expenses and losses Interest expense 19,800 18,000 Income before income taxes 280,600 220,500 Income tax expense 84,180 66,150 Net income $196,420 $ 154,350 Assets PHAROAH COMPANY Balance Sheets December 31 2022 2021 Current assets Cash $54,090 $57,780 Debt investments (short-term) 66,600 45,000 Accounts receivable 106,020 92,520 Inventory 113,400 103,950 Total current assets 340,110 299,250 Plant assets (net) 584,100 468,270 Total assets $924,210 $767,520 Liabilities and Stockholders' Equity Current liabilities Accounts payable $144,000 $130,860 Income taxes payable 39,150 37,800 Total current liabilities. 183,150 168,660 Bonds payable 198,000 180,000 Total liabilities 381,150 348,660 Stockholders' equity Common stock ($4 par) 261,000 270,000 Retained earnings 282,060 148,860 Total stockholders' equity 543,060 418,860 Total liabilities and stockholders' equity $924,210 $767,520 All sales were on account. Net cash provided by operating activities for 2022 was $198,000. Capital expenditures were $122.400, and cash dividends were $63,220. Compute the following ratios for 2022. (Round all answers to 2 decimal places, eg. 1.83 or 1.83%) (a) Earnings per share 3.70 (b) Return on common stockholders' equity 40.84 % (c) Return on assets 23.22 % (d) Current ratio 1.86 :1 (e) Accounts receivable turnover 17.09 times. (f) Average collection period 21.35 days (g) Inventory turnover 8.71 times (h) Days in inventory 41.90 days (i) Times interest earned. 15.17 times (j) Asset turnover 2.00 times (k) Debt to assets ratio 41.24 % (1) Free cash flow 12,380