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The following income statement and balance sheets for The Sports Shack are provided. The Sports Shack Income Statement For the year ended December 31, 2021

The following income statement and balance sheets for The Sports Shack are provided.

The Sports Shack

Income Statement

For the year ended December 31, 2021

Sales revenue

$6,600,000

Cost of goods sold

4,700,000

Gross profit

1,900,000

Expenses:

Operating expenses

1,400,000

Depreciation expense

100,000

Interest expense

50,000

Income tax expense

80,000

Total expenses

1,630,000

Net income

$270,000

The Sports Shack

Balance Sheets

December 31

Assets

2021

2020

Current assets:

Cash

$218,000

$196,000

Accounts receivable

680,000

880,000

Inventory

1,250,000

1,100,000

Supplies

90,000

65,000

Long-term assets:

Equipment

1,200,000

900,000

Less: Accumulated depreciation

(350,000)

(250,000)

Total assets

$3,088,000

$2,891,000

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$65,000

$55,000

Interest payable

4,000

6,000

Income tax payable

40,000

30,000

Long-term liabilities:

Notes payable

400,000

300,000

Stockholders' equity:

Common stock

900,000

900,000

Retained earnings

1,679,000

1,600,000

Total liabilities and equity

$3,088,000

$2,891,000

Required: Assuming that all sales were on account, calculate the following risk ratios for 2021 (round to one decimal place). (Please indicate if your answer is days, times, or a %. If none of these apply, just give your numerical answer)

Receivables turnover ratio:

Average collection period:

Inventory turnover ratio:

Average days in inventory:

Current ratio:

Quick ratio:

Debt to equity ratio:

Times interest earned ratio:

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