Question 11 of 12 Condensed statements of financial position and statement of income data for Accustart Corporation follow: 2019 ACCUSTART CORPORATION Statement of Financial Position December 31 2021 2020 Assets Current assets Cash $25,000 $19,900 Accounts receivable (net) 54,800 44,600 Inventory 100,000 85,200 Total current assets 179,800 149,700 Long-term investments 50,000 69,200 Property, plant, and equipment (net) 503,300 370,900 Total assets $733,100 $589,800 Liabilities and Shareholders' Equity Liabilities Current liabilities $84,100 $80,000 Non-current liabilities 154,200 84,400 Total liabilities 238,300 164,400 Shareholders' equity Common shares 331,400 300,200 Retained earnings 163,400 125,200 Total shareholders' equity 494,800 425,400 Total liabilities and shareholders' equity $733,100 $589,800 $17.800 48,200 63,600 129,600 49.100 257,900 $436,600 $30,100 20,100 50,200 303,000 83,400 386,400 $436.600 ACCUSTART CORPORATION Statement of Income Year Ended December 31 2021 2020 Sales 697,500 453,300 Cost of goods sold 445,800 302.200 Gross profit 251,700 151,100 Operating expenses 148,500 84,600 Income from operations 103,200 66,500 Interest expense 9,900 4,260 Income before income tax 93,300 62,240 Income tax expense 18,660 12,448 Net income $74,640 $49.792 1. Additional information: The allowance for doubtful accounts was $4,800 in 2019, $4,500 in 2020, and $5,000 in 2021. 2. All sales were credit sales. Net cash provided by operating activities was $120,600 in 2020 and $102,700 in 2021. Net capital expenditures were $151,100 for 2020 and $179,800 for 2021. 3. 4. Calculate the following ratios for 2020 and 2021: (Round answers to 1 decimal place, e.g.5.2:1 or 5.2% or 5.2. Enter negative answers preceeding either-sign, e.g.-45 or in parentheses, e.g. (45).) 2021 2020 1. Current ratio 2.14 :1 1.87 :1 2. Receivables turnover 10.85 times times 3. Inventory turnover 48 4.06 times times 4. Debt to total assets 325 % 27.9 % 5. Times interest earned 10:42 times 15.61 times 6. Free cash flow $ 54292 79640 7. Gross profit margin 33.33 % 36.09 % 8. Profit margin 10.7 96 10.98 % 9. Asset turnover 56.12 times 67.85 times 10. Return on assets 8.44 % 10.18 %