The comparative statements of Pina Interiors Ltd. are presented as follows: PINA INTERIORS LTD. Income Statement For the Year Ended December 31 2021 Net sales $2,127.750 Cost of goods sold 1,139,000 Gross profit 988,750 Selling and administrative expenses 502,000 Income from operations 486,750 Other expenses and losses Interest expense 13,500 Income before income taxes 473.250 Income tax expense 105,775 Profit $367.475 2020 $1,819,500 1,019,500 800,000 499,000 301,000 17.000 284,000 79.000 $205,000 2020 2019 PINA INTERIORS LTD. Balance Sheet December 31 Assets 2021 Current assets Cash $90,000 Accounts receivable 186,400 Inventory 219,800 Total current assets 496,200 Property, plant, and equipment (net) 642.700 Total assets $1,138,900 Liabilities and Shareholders' Equity $129,100 109,800 127.000 365.900 601,300 $967,200 $113,000 102,200 111,500 326,700 520,300 $847,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $286,175 44,000 330,175 190,000 520,175 $165,000 42,000 207,000 195,000 402,000 $144,400 40,500 184,900 200,000 384,900 280,000 338,725 618,725 $1.138.900 280,000 285,200 565,200 $967,200 300,000 162.100 462.100 $847.000 Additional information: 1. 2. All sales were on account. 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, acid-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 % se 2. Profit margin % %6 3. Earnings per share $ $ 4. Receivables turnover times times 5. Collection period days days 6. Inventory turnover times times 7. Days sales in inventory days days . Return on common shareholders equity %6 % 9. Return on assets % % 10. Current ratio 11 Acid-test ratio 8. Return on common shareholders equity % 9 Return on assets % % 10. Current ratio 11. Acid-test ratio 12 Asset turnover times times 13 Debt to total assets % e Textbook and Media