19. Train Corporation has 800,000, 5%, $100 par preferred shares outstanding. The preferred stock was originally issued at 102.5 The current dividend has been fully paid. Total stockholders stock equity is $22,750,000. The common stock equity is _____.

a. $22,750,000

b. 14,550,000

c. 14,800,000

d. 8,200,000

e. None of these

20. Train Companys balance sheet included cash of $4,275,839, accounts receivable of $14,283,289 inventories of $9,847,240 prepaid expenses of $1,987,008, land of $55,000,000 accounts payable of $8,764,512 and accrued expenses of $7,124,572. Working capital is ______.

a. $14,504,292

b. $30,393,376

c. None of these

d. $69,504,292

e. $15,889,084

21. Selected information for 2017 is:

cost of goods sold, $28,200,000

2016 ending inventory, $3,400,000

2017 ending inventory, $3,650,000

net sales, $70,520,000.

Assuming a 360-day year, what was the inventory turnover ratio for 2017?

a. 45

b. None of these

c. 8

d. 8.29

e. 7.73

22. On the schedule of cost of goods manufactured:

a. Cost of goods manufactured equals value of total manufactured equals value of total manufacturing costs

b. None of these

c. Factory overhead plus beginning work-in-progress equals manufacturing costs

d. Ending work-in-process will necessarily increase if total manufacturing costs increase

e. Beginning work-in-process plus direct materials used equals manufacturing costs