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Plasma Screen Corporation Balance Sheets December 31, 2021 and 2020 The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS
Plasma Screen Corporation Balance Sheets December 31, 2021 and 2020 The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 137,200 $ 118,000 Accounts receivable 74,000 90,000 Inventory 93,000 78,000 Investments 3,800 1,800 Long-term assets: Land 460,000 460,000 Equipment 770,000 650,000 Less: Accumulated depreciation (408,000) (248,000) Total assets $1,130,000 $1,149,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 97,000 $ 83,000 Interest payable 5,500 11,800 Income tax payable 7,500 4,800 Long-term liabilities: Notes payable 100,000 200,000 Stockholders' equity: Common stock 680,000 680,000 Retained earnings 240,000 170,200 Total liabilities and stockholders' equity $1,130,000 $1,149,800 Additional information for 2021: 1. Net income is $69.800. 2. Sales on account are $1.451.400. 3. Cost of goods sold is $1,120,050. Required: 1. Calculate the following risk ratios for 2021: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio e. Debt to equity ratio times times to 1 to 1 %
Plasma Screen Corporation Balance Sheets December 31, 2021 and 2020
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