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Current Attempt in Progress The condensed financial statements of Sheridan Company for the years 2021 and 2022 are as follows. SHERIDAN COMPANY Balance Sheets December 31 (in thousands) 2022 2021 Current assets Cash and cash equivalents $330 $360 Accounts receivable (net) 490 420 Inventory 560 490 Prepaid expenses 130 160 Total current assets 1,510 1,430 Property, plant, and equipment (net) 410 380 Investments 30 30 Intangibles and other assets 530 510 Total assets $ 2,480 $ 2,350 Current liabilities $ 840 $ 810 Long-term liabilities 580 480 Stockholders' equity-common 1.060 1,060 Total liabilities and stockholders' equity $ 2,480 $ 2,350 SHERIDAN COMPANY Income Statements For the Years Ended December 31 (in thousands) 2022 2021 Sales revenue $ 3.900 $3,560 Costs and expenses Cost of goods sold 990 910 Selling & administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,400 3,260 Income before income taxes 500 300 Income tax expense 200 120 300 Net income $ 300 $ 180 Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, e.g 1.83. Round profit margin, return on assets, return on common stockholders' equity and debt to assets ratio to 1 decimal place, e.g. 12.6%.) (a) Current ratio. (b) Inventory turnover. (Inventory on December 31, 2020, was $ 430.) Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, eg 1.83. Round profit margin, return on assets, return on common stockholders' equity and debt to assets ratio to 1 decimal place, e.g. 12.6%.) (a) Current ratio. (b) Inventory turnover. (Inventory on December 31, 2020, was $430.) (c) Profit margin. (d) Return on assets. (Assets on December 31, 2020, were $ 2,830.) (e) Return on common stockholders' equity. (Equity on December 31, 2020, was $ 980.) (f) Debt to assets ratio. Times interest earned. 2022 2021 (a) Current ratio. :1 :1 (b) Inventory turnover. (c) Profit margin. % % (d) Return on assets. % % (e) Return on common stockholders' equity. % % (f) Debt to assets ratio. % % (g) Times interest earned. times times Save for Later Attempts: 0 of 1 used Submit