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The 2021 financial statements of Honourable Minds Supply (HMS) Inc. are presented below. HMS conducted all investing and financing transactions in cash (i.e., no non- cash transactions) during 2021. During the year, they did not sell land or equipment and they did not issue any new notes payable. The company did not repurchase any shares. Honourable Minds Supply Inc. Comparative Balance Sheet As at December 31, 2021 and 2020 Dec 31, 2021 Dec 31, 2020 Difference Current assets Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Total current assets Non-current assets Land Equipment, net Total non-current assets Total assets 24,600 30,200 81,600 15,300 151,700 22,7001 25,600 73,900 14.400 136,600 1,900 4,600 7.700 900 15,100 98,000 73,500 171,500 323,200 98,000 67,400 165,400 6,100 6,100 21.200 302.000 Current liabilities Accounts payable Salary payable Other accrued liabilities Total current liabilities Non-current liabilities Notes payable Total liabilities 28,400 17,200 105,600 151,200 32,500 18,390 112,100 162,600 -4,100 -1,190 -6,500 -11,790 A 40,000 191.200 50,000 212,990 - 10,000 -21.790 Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity. 90,000 42,000 132,000 65,000 24.010 89,010 302.000 5,000 17,990 42,990 323,200 21,200 Honourable Minds Supply Inc. Income Statement For the Year Ended December 31, 2021 Sales revenues Cost of goods sold 224,700 144,800 Honourable Minds Supply Inc. Income Statement For the Year Ended December 31, 2021 224,700 144,800 79,900 Sales revenues Cost of goods sold Gross profit Salary expense Depreciation expense Other operating expense Operating income Interest expense Earnings before tax Income tax expense Net income 22,810 6,100 12,200 41,110 38,790 7,600 31,190 13,200 17,990 Req. 1: Prepare the 2021 statement of cash flows from operating activities using the indirect method. Use table 1 below to present the statement. Req. 2: Calculate the current ratio for both years and enter the correct answer in the provided table 2 below. Indicate whether liquidity (based on this ratio) has improved or deteriorated over time. Req. 3: Which other ratio would you investigate next? Explain your rationale (2-3 sentences). Use table 3 below to enter your response. Req. 2: Calculate the current ratio for both years and enter the correct answer in the provided table 2 below. Indicate whether liquidity (based on this ratio) has improved or deteriorated over time. Req. 3: Which other ratio would you investigate next? Explain your rationale (2-3 sentences). Use table 3 below to enter your response. Paragraph v B I VA + ... Req. 1: Cash flow from operating activities h Req. 2: Calculate the current ratio for both years and enter the correct answer in the provided table 2 below. Indicate whether liquidity (based on this ratio) has improved or deteriorated over time. Req. 3: Which other ratio would you investigate next? Explain your rationale (2-3 sentences). Use table 3 below to enter your response. Paragraph BI U A V ololo + V ... Reg. 2: Liquidity Current ratio for 2021 (round to 2-digits): Current ratio for 2020 (round to 2-digits): Has liquidity (based on this ratio) improved or deteriorated