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Stuck on getting the correct formulas for Day's sales uncollected and Day's sales in inventory begin{tabular}{|l|r|r|} hline Balance Sheet & 2022 & 2021 hline
Stuck on getting the correct formulas for Day's sales uncollected and Day's sales in inventory
\begin{tabular}{|l|r|r|} \hline Balance Sheet & 2022 & 2021 \\ \hline Cash & $185,000 & $143,000 \\ \hline Accounts Receivable, Net & 80,000 & 59,000 \\ \hline Inventory & 104,000 & 134,000 \\ \hline Prepaid Insurance & 11,900 & 5,880 \\ \hline Total Current Assets & 380,900 & 341,880 \\ \hline Property and Equipment, Net & 514,500 & 407,000 \\ \hline Total Assets & $895,400 & $748,880 \\ \hline Current Liabilities & $85,300 & $96,800 \\ \hline Long-term Liabilities & 284,000 & 224,000 \\ \hline Total Liabilities & 369,300 & 320,800 \\ \hline Contributed Capital & 299,000 & 299,000 \\ \hline Retained Earnings & 227,100 & 129,080 \\ \hline Total Stockholders' Equity & 526,100 & 428,080 \\ \hline Total Liabilities and Stockholders' Equity & $895,400 & $748,880 \\ \hline \end{tabular} Income Statement Net Sales (all on account) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Interest Expense Income before Income Tax Expense Income Tax Expense Net Income $,031,0001,949,0001,082,000891,400190,60014,500176,10047,000$129,100 \begin{tabular}{|l|l|l|l|} \hline 31 & Required: \\ \hline 32 & Compute the following liquidity ratios for 2022 . & & \\ \hline 33 & Round to the required number of decimal places using the Excel =ROUND function & \\ \hline 34 & Current ratio (rounded to one decimal place) & 4.5 & \\ \hline 35 & Accounts receivable turnover (rounded to two decimal places) & 43.61 & times \\ \hline 36 & Days' sales uncollected (rounded to the nearest whole day) & & days \\ \hline 37 & Inventory turnover (rounded to two decimal places) & 16.38 & times \\ \hline 38 & Days' sales in inventory (rounded to the nearest whole day) & 32 & days \\ \hline \end{tabular} Compute the following Solvency Ratios for 2022. Round to the required number of decimal places using the Excel=ROUND function \begin{tabular}{|l|l|l|} \hline Debt ratio ("\%" format, rounded to one decimal place) & & \\ \hline Times interest earned (rounded to one decimal place) & & times \\ \hline \end{tabular} Compute the following Profitability Ratios for 2022. Round to the required number of decimal places using the Excel =ROUND function \begin{tabular}{|l|l|} \hline Profit margin ratio ("\%" format, rounded to one decimal place) & \\ \hline Gross margin ratio ("\%" format, rounded to one decimal place) & \\ \hline \end{tabular}Step by Step Solution
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