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QuestionAnswered step-by-stepConsider the following financial statements for LSB Corp. in 2020…                                Consider the following financial statements for LSB Corp. in 2020 and 2021        Balance Sheets                  Assets     Liabilities and Owners’ Equity      2020 2021     2020 2021    Current Assets       Current liabilities             Cash $        32,653 $        39,350        Accounts payable $        34,886 $        44,285         Accounts receivable $        16,911 $        28,877        Notes payable $        18,058 $        16,848         Inventory $        34,495 $        44,336        Other $        18,871 $        25,619         Total $        84,059 $      112,563        Total $        71,815 $        86,752            Long-term debt $      110,000 $      140,000    Fixed assets       Owners’ equity             Net plant and equipment $      441,099 $      502,872        Common stock and paid-in suplus $        55,000 $        55,000                 Accumulated retained earnings $      288,343 $      333,683                 Total $      343,343 $      388,683    Total assets $      525,158 $      615,435   Total liabilities and owners’ equity $      525,158 $      615,435                     2019 Income Statement                Sales $      531,750              Costs of goods sold $      377,294              Depreciation $        46,686              Earnings before interest and taxes $      107,770              Interest paid $        20,650              Taxable income $        87,120              Texes (25%) $        21,780              Net income $        65,340                   Dividends $        20,000                   Retained earnings $        45,340                               Compute the following financial ratios for LSB Corp.            Short-term solvency ratios                Current ratio                Quick ratio                Cash ratio                Long-term solvency ratios                Total asset turnover                Inventory turnover                Receivables turnober                Long-term solvency ratios                Total debt ratio                Debt-equity ratio                Equity multiplier                Times interest earned ratio                cash coverage ratio                Profitability ratios                Profit margin                ROA                ROE                               Fast forward 2 yerars. You were given the following abbreviated financial statements for Fledgling Inc.Balance Sheets              Assets     Liabilities and Owners’ Equity  2020 2021     2020 2021Current assets $        1,327 $    1,438   Current liabilities $       530 $       595Net fixed assets $        5,470 $    6,587   Long-term liabilities $    2,891 $    3,075             Income Statement              2021          Sales $      16,831          Costs of good sold $        7,849          Depreciation $        1,499          Interest paid $           427                       1) Compute owners’ equity for 2020 and 2021?        2) Compute the change in net working capital for 2021?      3) In 2021, the company purchased $2,740 new fixed assets.    How muich fixed assets the company sell?        What is the cash flow from assets for the year? Assuming a 21% tax rate.    4) The company raised $500 new long-term dabt during 2021.    How much long-term debt must have been paid off during the year?    What is the cash flow to creditors?                       AccountingBusinessFinancial AccountingFNCE 2465Share Question

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