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Question 1: Given below are selected data from the comparative income statement and balance sheet for Titanic Corporation for the years ended December 31, 2021 and 2020:

*NOTE: 1,000 shares of common stock have been issued and outstanding since the company started operations. During the entire fiscal year ended December 31, 20X8, the stock was selling for $45 per share.

A. Calculate the following ratios at December 31, 2021. Show your calculations):

a) working capital

b) current ratio

c) acid-test ratio

d) gross margin ratio

e) net profit ratio

f) rate of return on total assets

g) inventory turnover

h) days sales in receivables

i) debt ratio

j) book value per share of common stock

k) price/earnings ratio

l) times-interest-earned ratio

B. Discuss the companys performance and suggest ways for further improvement where necessary.

2021 (RM) 2020 (RM) 96,000 93,000 51,300 52,500 40,500 44,700 Net sales (all on credit) Cost of goods sold Gross profit Income from operations Interest expense Net income 16,300 15,000 3,500 3,000 9,800 9,000 3,500 Cash 2,700 10,700 12,500 25,000 30,000 1,000 900 39,400 46,900 Accounts receivable, net Inventory Prepaid expenses Total current assets Total long-term assets Total current liabilities Total long-term liabilities Common stock, no par Retained earnings 50,000 67,000 39,000 15,000 49,500 25,000 10,000 *10,000 25,400 29,400