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The comparative statements of Pina Interiors Ltd. are presented as follows: 2020 PINA INTERIORS LTD. Income Statement For the Year Ended December 31 2021 Net sales $2,127,750 Cost of goods sold 1,139,000 Gross profit 988.750 Selling and administrative expenses 502,000 Income from operations 486,750 Other expenses and losses Interest expense 13,500 Income before income taxes 473,250 Income tax expense 105,775 Profit $367,475 $1,819,500 1,019,500 800,000 499,000 301,000 17,000 284.000 79,000 $205,000 PINA INTERIORS LTD. Balance Sheet December 31 2021 Assets 2020 2019 Contact December 31 2021 Assets Current assets 2020 2019 $90,000 186,400 219,800 496,200 642,700 $1,138,900 $129,100 109,800 127,000 365,900 601,300 $967,200 $113.000 102,200 111,500 326,700 520,300 $847,000 Cash Accounts receivable Inventory Total current assets Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $286,175 44,000 330.175 $165.000 42,000 207.000 195.000 402.000 $144,400 40,500 184,900 200,000 384,900 190,000 520.175 280,000 338,725 618.725 $1,138,900 280,000 285,200 565,200 $967,200 300,000 162,100 462.100 $847,000 Additional information: 1. All sales were on account. Weighted average common shares in 2021 were 50,000 and in 2020 were 52,000 2. lal Calculate the following ratios for 2021 and 2020. (Round earnings per share, current ratio, acid-test ratio and asset turnover answers to 2 decimal places, eg. 1.83 or 1.83% and all other answers to 1 decimal place, eg. 1.5 or 1.5% Use 365 days for calculation.) 2021 2020 Gross profit margin 46.5 % 44 2. Profit margin 17.3 % 11.3 % 3. Earnings per share $ 7.35 $ 3.94 4 Receivables turnover times times 5. Collection period days 22 days 6. Inventory turnover times times 7. Days sales in inventory days days 8 % Return on common shareholders' equity Return on assets % 9. 96 10. Current ratio 15 1.77 11 Acid-test ratio 084 1.15 6. Inventory turnover times times 7. days days 8 Days sales in inventory Return on common shareholders equity Return on assets 9. 96 10. Current ratia 15 1.77 11 Acid-test ratio 084 1.15 12. Asset turnover times times 13. Debt to total assets 45.7 e Textbook and Media 5 for Later Attempts: 1 of 3 used Submit