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Sarasota Company's condensed financial statements provide the following information. SARASOTA COMPANY BALANCE SHEET Dec. 31, 2020 Dec. 31, 2019 Cash Accounts receivable (net) Short-term investments
Sarasota Company's condensed financial statements provide the following information. SARASOTA COMPANY BALANCE SHEET Dec. 31, 2020 Dec. 31, 2019 Cash Accounts receivable (net) Short-term investments $52,400 $59,400 198,800 80,300 80,300 39,700 Inventory 441,600 363,200 Prepaid expenses Total current assets 3,000 7,100 $776,100 $549,700 Property, plant, and equipment (net) 865,000 850,600 Total assets Current liabilities $1,641,100 $1,400,300 242,200 163,800 Bonds payable 399,900 399,900 Common stockholders' equity 999,000 836,600 Total liabilities and stockholders' equity $1,641,100 $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, e.g. 1.59 or 45.87%.) (1) Current ratio at December 31 (2) Acid-test ratio at December 31 (3) Accounts receivable turnover (4) Inventory turnover (5) Return on assets (6) Profit margin on sales times times times times % do % do
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