The comparative statements of Culver Interiors Ltd. are presented as follows: CULVER INTERIORS LTD. Income Statement For the Year Ended December 31 2021 Net sales $2,143.750 Cost of goods sold 1,137,000 Gross profit 1.006.750 Selling and administrative expenses 500.000 Income from operations 506.750 Other expenses and losses ho Interest expense 12.000 Income before income taxes 494.750 Income tax expense 105.275 Profit $389.475 2020 $1,823,500 1,011.500 812.000 486,000 326.000 15.000 311.000 72.000 $239.000 2020 2019 $129,100 $113,000 107,800 102,000 135.000 113,500 371,900 328,500 601,300 519.300 $973,200 $847,800 CULVER INTERIORS LTD. Balance Sheet December 31 Assets 2021 Current assets Cash $90,000 Accounts receivable 183.200 Inventory 216.800 Total current assets 490,000 Property, plant, and equipment (net) 643.700 Total assets $1,133.700 Liabilities and Shareholders' Equity Current liabilities Accounts payable $286.175 Income taxes payable 46,000 Total current liabilities 332.175 Bonds payable 190.000 Total liabilities 522.175 Shareholders' equity Common shares 280.000 Retained earnings 331.525 Total shareholders equity 611,525 Total liabilities and shareholders' equity $1.133.700 I $167.000 $143.400 42,500 41.000 209.500 184,400 195,000 200.000 404,500 384,400 280.000 300.000 288.700 163,400 568,700 463,400 $973.200 $847.800 Additional information: 1. All sales were on account. 2. Weighted average common shares in 2021 were 50,000 and in 2020 were 52,000. Calculate the following ratios for 2021 and 2020. (Round earnings per share, current ratio, acld-test ratio and asset turnover answers to 2 decimal places, eg. 1.83 or 1.83% and all other answers to 1 decimal place, eg. 1.5 or 1.5%. Use 365 days for calculation) 2021 2020 1. Gross profit margin %6 % 2. Profit margin % %6 3. Earnings per share $ $ 4. Receivables turnover times times days days 5. Collection period 6. Inventory turnover 7. Days sales in inventory I times times days days 8. Return on common shareholders' equity %6 9. Return on assets % % 10. Current ratio 11. Acid-test ratio 12. Asset turnover times times 13. Debt to total assets 26 96