Problem: Statement of Financial Position December 31
Assets 2020 2019
Cash $53,000 $4,200
Accounts receivable 89,400 87,500
Equipment 26,500 21,000
Less: Accumulated depreciation (8,900) (10,700)
Total $160,000 $102,000
Liabilities and Shareholders' Equity Accounts payable $20,000 $10,000
Common shares 100,000 75,600
Retained earnings 40,000 16,400
Total $160,000 $102,000
Net income of $36,300 was reported and dividends of $12,700 were declared and paid in 2020. New equipment was purchased, and equipment with a carrying value of $4,800 (cost of $11,700 and accumulated depreciation of $6,900) was sold for $8,200.
Required:
Calculate the current ratio and debt to total assets ratio as at December 31, 2019 and 2020.
Calculate the free cash flow for December 31, 2020.
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