Show Attempt History Current Attempt in Progress Presented below is information related to Culver Inc. CULVER INC. BALANCE SHEET DECEMBER 31, 2020 Cash $45,100 Notes payable (short-term) $50.100. Receivables $110,000 Accounts payable 31.900 Less: Allowance 14,900 95,100 Accrued liabilities 5,000 Inventory 171,500 Common stock (par $5) 258,700 Prepaid insurance 7,900 Retained earnings 143.100 Land 20.200 Equipment (net) 149,000 $488,800 $488,800 CULVER INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,402,700 Question 11 of 11 < Equipment tret 149.000 $488,800 $488,800 CULVER INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,402,700 Cost of goods sold Inventory Jan 1.2020 $199,300 Purchases 794,000 Cost of goods available for sale)) 993,300 Inventory, Dec. 31,2020 (171.500 ) Cost of goods sold 821,800 Gross profit on sales Operating expenses Net income 580,900 169,400 $411,500 (a) 0.08/1 (a) 0.0071 Your answer is partially correct. Compute the following ratios or relationships of Culver Inc. Assume that the ending account balances are representative unless the information provided indicates differently. (Round answers to 2 decimal places, eg. 1.59 or 45.87%) (1) Current ratio (2) Inventory turnover 367 times times (3) Accounts receivable turnover. times (4) Earnings per share (5) Profit margin on sales % (6) Return on assets on December 31, 2020 % eTextbook and Media: Save for Later Attempts: 1 of 10 used Submit