Please only answer Case 11.22, as Case 4.32 is only provided for reference to answer Case 11.22. Thanks!

c. Assume that the balance of "Accounts Receivable, net" at December 31,2021 , was $24,600. Calculate the following activity measures for Gerrard Construction Co. for the year ended December 31, 2022: (1) Accounts receivable turnover. (2) Number of days' sales in accounts receivable. d. Calculate the following financial leverage measures for Gerrard Construction Co. at December 31, 2022: (1) Debt ratio. (2) Debt/equity ratio. e. Gerrard Construction Co. wishes to lease some new earthmoving equipment from Caterpillar on a long-term basis. What impact (increase, decrease, or no effect) would a capital lease of 12 million have on the company's debt ratio and debt/equity ratio? (Note: These items were computed in (d) and do not need to be recomputed for this requirement.) f. Review the answer to Case 4.32 part i at this time. Assume that Gerrard Construction Co. had 4,800,000 shares of $1 par value common stock outstanding throughout 2022 , and that the market price per share of common stock at December 31,2022 , was $57.50. Calculate the following profitability measures for the year ended December 31,2022 : (1) Earnings per share of common stock. (2) Price/earnings ratio. (3) Dividend yield. (4) Dividend payout ratio. Capstone analytical review of explain various financial statement relationships for an excavation contractor Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the At December 31,2021 , total assets were $246,000 and total stockholders' equity was Page 136 $97,800. There were no changes in notes payable or paid-in capital during 2022 . a. The cost of services provided amount includes all operating expenses (selling, general, and administrative expenses) except depreciation expense. What do you suppose the primary reason was for management to separate depreciation from other operating expenses? From a conceptual point of view, should depreciation be considered a "cost" of providing services? b. Why do you suppose the amounts of depreciation expense and interest expense are so high for Gerrard Construction Co.? To which specific balance sheet accounts should a financial analyst relate these expenses? c. Calculate the company's average income tax rate. (Hint: You must first determine the earnings before taxes.) d. Explain why the amount of income tax expense is different from the amount of income taxes payable. e. Calculate the amount of total current assets. Why do you suppose this amount is so low, relative to total assets? f. Why doesn't the company have a Merchandise Inventory account? g. Calculate the amount of working capital and the current ratio at December 31,2022 . Assess the company's overall liquidity. h. Calculate ROI (including margin and turnover) and ROE for the year ended December 31, 2022. Assess the company's overall profitability. What additional information would you like to have to increase the validity of this assessment? i. Calculate the amount of dividends declared and paid during the year ended December 31,2022. (Hint: Do a T-account analysis of retained earnings.)