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Sheffield Company provides you with the following balance sheet information as of December 31,2022. In addition, Sheffield reported net income for 2022 of $16,500, income
Sheffield Company provides you with the following balance sheet information as of December 31,2022. In addition, Sheffield reported net income for 2022 of $16,500, income tax expense of $3,300, and interest expense of $1,000. (a) Compute the current ratio and working capital for Sheffield for 2022. (Round ratio to 2 decimal places, e.g. 2.75:1. Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Current ratio Working capital (b) Assume that at the end of 2022 , Sheffield used $2,800 cash to pay off $2,800 of accounts payable. How would the current ratio and working capital have changed? (Round ratio to 2 decimal places, e.g. 2.75:1. Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses e.g. (45).) Current ratio Working capital (c) Compute the debt to assets ratio and the times interest earned ratio for Sheffield for 2022. (Round answers to 1 decimal place, eg. 15.2 or 15.2%. Debt to assets ratio % Times interest earned ratio Attemntsan of 1 ured
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