SHERIDAN COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 70,750 $ 66,960 Debt investments (short-term) 55,000 40,000 Accounts receivable 103,000 90,000 Inventory 229,000 169,000 Prepaid expenses 29,000 28,000 Land 132,000 132,000 Building and equipment (net) 259,000 184,000 Total assets $877,750 5709,960 Liabilities and Stockholders' Equity Notes payable $169,650 $102,000 Accounts payable 65,000 53,000 Accrued liabilities 41,000 41,000 Bonds payable, due 2025 251,000 170,000 Common stock $10 par 200,000 200,000 Retained earnings 151,100 143,960 Total liabilities and stockholders' equity $877.750 5709.960 2022 SHERIDAN COMPANY Income Statements For the Years Ended December 31 2021 Sales revenue $878,150 $783,200 Cost of goods sold 636,800 568,000 Gross profit 241,350 215,200 Operating expenses 188,661 160,376 Net Income $52,689 $ 54,824 Additional information: 1 Inventory at the beginning of 2021 was $115,000. 2 Accounts receivable (net) at the beginning of 2021 were $88,000 2 Total assets at the beginning of 2021 were $638,000 4 No common stock transactions occurred during 2021 or 2022 5. All sales were on account (al) Compute the liquidity and profitability ratios of Sheridan Company for 2021 and 2022. [Round current ratio, asset tumover and samnings per share to 2 decimal places, es 1.63 and all other answers to 1 decimal place. e. 1.Bor 1.8% 11%change is a decrease show the numbers as negative, eg. -1.83% or (1.83%)) 2022 2021 LIQUIDITY Current ratio 1 -1 Accounts receivables turnover times times Inventory turnover times times 2022 2021 % Change PROFITABILITY Profit margin * % Asset tumover times times Return on assets % % Earnings per share e Textbook and Media Save for Later Attempts: 0 of 3 used Submit