Doors Inc.s condensed income statement and balance sheet for the years 2022 and 2021 follow....
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Accounting
Doors Inc.s condensed income statement and balance sheet for the years 2022 and 2021 follow.
Accounts Receivable increased 40 percent from 2021 to 2022.
There were no new purchases of land, property, or equipment in 2022.
Accounts Payable decreased 40 percent from 2021 to 2022.
No new shares of common stock were issued in 2022.
The company paid out cash dividends of $79,860 in 2022.
The inventory turnover ratio for 2022 was 5 times.
The asset turnover ratio in 2022 was 2.4 times and in 2021 was 2.8 times.
The earnings per share in 2022 was $59.58 and in 2021 was $66.45.
The effective income tax rate in both years was 20 percent.
Required: Complete Doors Inc.s condensed Income Statement and Balance Sheet for years 2022 and 2021. Analyze: Assume that the management of Doors Inc. had been given a directive by the board of directors to improve the companys current ratio in 2022. Did the company improve its standing in this regard from the prior year?
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