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 $9,600 $10,200 During 2019 Ginkgo had $120,000 in sales. What is Ginkgo's inventory turnover ratio? 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. 23 How much are investing cash flows during 2019? a ($23,000) ($35,000) c ($14,500) d ($8,000) e None of the 24 How much are net fixed assets at December 31, 2019? a $35,000 b $24,750 c $25,000 d $24,500 e None of the 25 How much are financing cash flows during 2019? - $50,000 6 $45,000 c $39,000 d $44,750 e None of the