WILDHORSE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 70,410 $ 68,000 Cash Debt investments (short-term) 53,000 40,000 Accounts receivable 107.000 92,000 Inventory 239.000 168,000 Prepaid expenses 30,000 22.000 Land 130,000 130,000 Building and equipment (net) 263,000 185,000 Total assets $892,410 $705,000 Liabilities and Stockholders' Equity intbal Liabilities and Stockholders' Equity Notes payable $176,446 $104,000 67,000 55,000 Accounts payable Accrued liabilities Bonds payable, due 2025 41.000 41,000 251,000 172,000 Common stock, $10 par 200,000 200,000 Retained earnings 156,964 133,000 Total liabilities and stockholders' equity $892,410 $705,000 2022 Sales revenue $895,500 $796,400 Cost of goods sold 651,200 580,150 244,300 216,250 Gross profit Operating expenses 190,570 160,502 Net income $ 53,730 $ 55.748 Additional information: 1. 2. 3. Inventory at the beginning of 2021 was $115,000. Accounts receivable (net) at the beginning of 2021 were $89.000. Total assets at the beginning of 2021 were $637,000. No common stock transactions occurred during 2021 or 2022 All sales were on account 4. 5. 2022 2021 LIQUIDITY 96 99 :1 Current ratio 77 times 99 times Accounts receivables turnover 5 5 times times Inventory turnover Question 6 of 6