Question 6 of 8 SKYSONG COMPANY BALANCE SHEET Dec 31, 2020 Dec 31, 2019 Cash $ 8,000 $ 27,000 Accounts receivable (net) 152,000 111,000 Short-term investments 49,000 30,000 297.000 266,000 Inventories Prepaid expenses 14,000 8,000 Total current assets $520,000 $ 442,000 Property, plant, and equipment (net) 459,000 416,000 Total assets $979,000 $858,000 Current liabilities 273,000 194,000 Bonds payable 252,000 260,000 Common stockholders' equity 454,000 404,000 Total liabilities and stockholders' equity $979,000 $858,000 Question 6 of 8 INCOME STATEMENT FOR THE YEAR ENDED 2020 Net sales $2,586,000 Cost of goods sold (1,674,000) Gross profit 912.000 Selling and administrative expenses (587,000) Interest expense (23,000) Net income $ 302,000 (a) Determine the following for 2020. (Round accounts receivable turnover and current ratio, acid-test ratio, rate of return on assets and profit margin on sales to 2 (1) Current ratio at December 31 time (2) Acid-test ratio at December 31 time (3) ) Accounts receivable turnover time (4) Inventory turnover time: (5) Rate of return on assets % 16 Profit marginonsales 24 Question 6 of 8 Selling and administrative expenses (587,000) Interest expense (23,000) Net income $ 302,000 (a) Determine the following for 2020. (Round accounts receivable turnover and inventory turnover current ratio, acid-test ratio, rate of return on assets and profit margin on sales to 2 decimal places, eg (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) Rate of return on assets de (6) Profit margin on sales % Tauthenland