Question 1 of 23 > - / 47.25 View Policies Current Attempt in Progress Larkspur Company's condensed financial statements provide the following information. LARKSPUR COMPANY BALANCE SHEET Dec. 31, 2020 Cash $ 52,400 Accounts receivable (net) 198,800 Short-term investments 80,300 Inventory 441,600 Prepaid expenses 3,000 Total current assets $ 776,100 Property, plant, and equipment (net) 865,000 Total assets $1,641,100 Current liabilities 242,200 Bonds payable 399,900 Common stockholders' equity 999,000 Total liabilities and stockholders' equity $1,641,100 Dec 31, 2019 $ 59,400 80,300 39,700 363,200 7.100 $ 549,700 850.600 $1,400,300 163,800 399,900 836,600 $1,400,300 INCOME STATEMENT FOR THE YEAR ENDED 2020 Sales $1,636,900 Cost of goods sold (794,800) Gross profit 842.100 Selling and administrative expenses (441,400) Interest expense (40,000) Net income $360,700 (a) Determine the following for 2020. (Round answers to 2 decimal places, eg. 1.59 or 45.87%.) (1) Current ratio at December 31 times (2) Acid-test ratio at December 31 times (3) Accounts receivable turnover times (4) Inventory turnover times (5) Return on assets % (6) Profit margin on sales % Save for Later Attempts: 0 of 1 used Submit