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Question 11 of 12 2/ 20 Condensed statements of financial position and statement of income data for Foress Corporation follow: 2019 FORESS CORPORATION Statement of Financial Position December 31 2021 2020 Assets Current assets Cash $25,000 $20.200 Accounts receivable (net) 54,600 44,500 Inventory 99,000 85,300 Total current assets 178,600 150,000 Long-term investments 58,900 70.900 Property, plant, and equipment (net) 496,500 369,300 Total assets $734,000 $590,200 Liabilities and Shareholders' Equity Liabilities Current liabilities $85,300 $79.400 Non-current liabilities 156,300 84.400 Total liabilities 241.600 163,800 Shareholders equity Common shares 328,700 300,700 Retained earnings 163.700 125.700 Total shareholders' equity 492.400 426,400 Total abilities and shareholders' equity $734,000 $590.200 $17.900 48,000 64,500 130,400 47,500 256.000 $433.900 $30,100 20.200 50.300 300,800 82,800 383,600 $433.900 FORESS CORPORATION Statement of Income Year Ended December 31 2021 2020 MacBook Air Question 11 of 12 2720 FORESS CORPORATION Statement of Income Year Ended December 31 2021 Sales 699,900 Cost of goods sold 451,900 Gross profit 248,000 Operating expenses 150,500 Income from operations 97,500 Interest expense 10,000 Income before income tax 87.500 Income tax expense 17,500 Net income $70,000 2020 449.700 300,100 149.600 84,700 64,900 3,640 61,260 12,252 $49,008 1 Additional information: The allowance for doubtful accounts was $4800 in 2019, $4,500 in 2020, and $5,100 in 2021. 2 All sales were credit sales. 3. Net cash provided by operating activities was $120,800 in 2020 and $101.200 in 2021. 4 Net capital expenditures were $149,600 for 2020 and $178,600 for 2021. (a) hapter 14 2/20 E Question 11 of 12 Your answer is partially correct. Calculate the following ratios for 2020 and 2021: (Round answers to 1 decimal place. eg. 5.2:1 or 5.2% or 5.2 Enter negative answers preceeding either - sign, eg. -45 or in parentheses, eg: (451) 2021 2020 21 1,9 :1 1 1. Current ratio 128 10.1 times times 2. Receivables turnover 4,6 3.5 times times 329 278 3. Inventory turnover 4. Debt to total assets 5. Times interest earned % %6 9.75 17.8 times times 6. Free cash flow %6 7. Gross profit margin % % 8. Profit margin 22 9. Asset turnover times times 10. Return on assets % 96 e Textbook and Media Save for Late Attempts: unlimited Sunt Answer (b) MacBook Air