17 Ginkgo, Inc. purchased $56,000 of inventory during 2019. Ginkgo had the following information on its annual financial statements: Dec 31, 2018 Dec 31, 2019 Inventory $5,000 $8,200 Accounts payable 59,600 $10,200 During 2019 Ginkgo had $120,000 in sales. What is Ginkgo's inventory turnover ratio? a 9.70 b 8.09 C 8.48 d 8.00 e None of the Use the following information to answer questions 18 through 25: Orchid, Inc. went into business on October 1, 2019. The company had the following transactions during 2019: Oct. 1- Issued 10 shares of stock for $1,000 per share. Oct. 14 - Purchased $12,000 of inventory on account Nov. 1- Borrowed $40,000 from the bank Orchid will make no payments on this loan until Nov. 1, 2021 and at that time it will owe $43,000 Nov. 1 - Paid S6,000 for three months of rent Nov. 1 - Bought equipment for $15,000 in cash. The equipment is expected to last five years and then be worthless. Nov. 16 - Bought land for $20,000 in cash. Dec 8- Sold $3,500 of inventory for $16,000 on account. Dec 12 - Paid one-half of accounts payable. Dec 15 - Sold one-half of land for $12,000 in cash. Dec. 21 - Paid employee wages of $7,000 in cash. Dec 31 - Paid a total of $5,000 in dividends. 18 How much are current assets at December 31, 2019? a $39,000 b $29,500 c $33,000 d $36,000 e None of the 19 How much are long-term liabilities at December 31, 2019? a $40,375 b $40,250 c $42,750 d $40,000 e None of the 20 How much did the transaction on Dec. Sth change total assets? a so b ($3,500) $16,000 d $12,500 e None of the 21 How much are operating cash flows during 2019? a ($12,000) b ($3,000) C ($19,000) ($13,000) e None of the 22 How much are current liabilities at December 31, 2019? a $6,000 b So C $12,250 d $16,000 e None of the