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The following financial information is for Pharoah Company. PHAROAH COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,000 $68,000 Debt investments (short-term) Accounts receivable Inventory 55,000 109,000 237,000 23,000 135,000 263,000 42,000 90,000 166,000 23,000 135,000 183,000 Prepaid expenses Land Building and equipment (net) Total assets $893,000 $707,000 Liabilities and Stockholders' Equity Notes payable $171,000 $110,000 Accounts payable 65,000 50,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 Common stock, $10 par 250,000 202,000 163,000 170,000 202,000 133,000 Retained earnings Total liabilities and stockholders' equity $893,000 $707,000 PHAROAH COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $890,000 $789,000 Cost of goods sold 647,000 574,000 Gross profit Operating expenses 243,000 215,000 192,000 165,000 $ 51,000 $50,000 Net income Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $88,000. 3. Total assets at the beginning of 2021 were $642,000. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on account. Compute the liquidity and profitability ratios of Pharoah Company for 2021 and 2022. (Round Curent ratio, Asset turnover and Earnings per share to 2 decimal places, e.g. 15.50 and round negative, e.g.-1% or (1%).) 2021 2022 % Change LIQUIDITY Current ratio Accounts receivables turnover times times Inventory turnover times times 2021 2022 % Change PROFITABILITY Profit margin Asset turnover times times Return on assets Earnings per share $ (b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2022, and (2) as of December 31, 2023, after giving effect to the situation. (Rou e.g. 15.5. Round % change to O decimal places, for e.g. 1% and if % change is a decrease show the numbers as negative, e.g.-1% or (1%).) Situation Ratio 1. 19,000 shares of common stock were sold at par on July 1, 2023. Net income for 2023 was $54,000. Return on common stockholders' equity All of the notes payable were paid in 2023. All other liabilities remained at their December 31, 2022 levels. Total assets on December 31, 2023, were $877,000. Debt to assets ratio Price-earnings ratio 3. The market price of common stock was $9 and $13 on December 31, 2022 and 2023, respectively. 2022 2023 % Change Return on common stockholders' equity Debt to assets ratio Price earnings ratio times times The following financial information is for Pharoah Company. PHAROAH COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 71,000 $68,000 Debt investments (short-term) Accounts receivable Inventory 55,000 109,000 237,000 23,000 135,000 263,000 42,000 90,000 166,000 23,000 135,000 183,000 Prepaid expenses Land Building and equipment (net) Total assets $893,000 $707,000 Liabilities and Stockholders' Equity Notes payable $171,000 $110,000 Accounts payable 65,000 50,000 Accrued liabilities 42,000 42,000 Bonds payable, due 2025 Common stock, $10 par 250,000 202,000 163,000 170,000 202,000 133,000 Retained earnings Total liabilities and stockholders' equity $893,000 $707,000 PHAROAH COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $890,000 $789,000 Cost of goods sold 647,000 574,000 Gross profit Operating expenses 243,000 215,000 192,000 165,000 $ 51,000 $50,000 Net income Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were $88,000. 3. Total assets at the beginning of 2021 were $642,000. 4. No common stock transactions occurred during 2021 or 2022. 5. All sales were on account. Compute the liquidity and profitability ratios of Pharoah Company for 2021 and 2022. (Round Curent ratio, Asset turnover and Earnings per share to 2 decimal places, e.g. 15.50 and round negative, e.g.-1% or (1%).) 2021 2022 % Change LIQUIDITY Current ratio Accounts receivables turnover times times Inventory turnover times times 2021 2022 % Change PROFITABILITY Profit margin Asset turnover times times Return on assets Earnings per share $ (b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2022, and (2) as of December 31, 2023, after giving effect to the situation. (Rou e.g. 15.5. Round % change to O decimal places, for e.g. 1% and if % change is a decrease show the numbers as negative, e.g.-1% or (1%).) Situation Ratio 1. 19,000 shares of common stock were sold at par on July 1, 2023. Net income for 2023 was $54,000. Return on common stockholders' equity All of the notes payable were paid in 2023. All other liabilities remained at their December 31, 2022 levels. Total assets on December 31, 2023, were $877,000. Debt to assets ratio Price-earnings ratio 3. The market price of common stock was $9 and $13 on December 31, 2022 and 2023, respectively. 2022 2023 % Change Return on common stockholders' equity Debt to assets ratio Price earnings ratio times times