Presented below is information related to Sheffield Inc. SHEFFIELD INC. BALANCE SHEET DECEMBER 31, 2020 $45,300 Notes payable (short-term) Accounts payable Cash $50,400 Receivables $110,600 31,800 Less: Allowance 14,900 95,700 Accrued liabilities 5,100 Inventory 170,200 Common stock (par $5) 262,200 Prepaid insurance 8,100 Retained earnings 140,600 Land 19,800 Equipment (net) 151,000 $490,100 $490,100 SHEFFIELD INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $1,395,600 Sales revenue Cost of goods sold Inventory. Jan. 1.2020 $200,000 SHEFFIELD INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,395,600 Cost of goods sold Inventory. Jan. 1, 2020 $200,000 Purchases 786,800 Cost of goods available for sale 986,800 Inventory, Dec. 31, 2020 (170,200 ) Cost of goods sold 816,600 579,000 Gross profit on sales Operating expenses 171,400 Net income $407,600 (a) Compute the following ratios or relationships of Sheffield Inc. Assume that the ending account balances are the information provided indicates differently. (Round answers to 2 decimal places, eg. 1.59 or 45.87%.) (1) Current ratio times (2) Inventory turnover times (3) Accounts receivable turnover times (4) Earnings per share tA $ (5) Profit margin on sales % % (6) Return on assets on December 31, 2020 e Textbook and Media Save for Later Attempts: 0 of 3 used