27. Anne Elizabeth Company's Balance Sheets for December 31, 2019 and 2018, and Income Statement For the Year Ended December 31, 2019, are given below. Balance Sheet Anne Elizabeth Company December 31, 2019 and 2018 2019 2018 2 Current Assets Cash $ 50,450 $ 28,538 Marketable Securities Accounts Receivable, less allowance of $10,000 Inventory, LIFO Prepaid 25,000 60,000 90,000 20,500 50,000 70,000 8.000 7.000 Total Current Assets 176,038 Property. Plant, and Equipment: Land 9.000 8.000 Buildings and Equipment 210.000 220.000 229,000 218.000 Less Accumulated Depreciation 68.000) (60.000) Total Assets $394.450 $334028 Liabilities and Shareholders' Equity: Current Liabilities: $ 30,000 Accounts Payable Accrued Compensation 8,000 7.000 Income Taxes 7,000 50,000 43.000 Total Current Liabilities Long-Term Debt 40.000 11.038 Shareholders' Equity Common Shares 60.000 60.000 220,000 Retained Eamings 304.450 $394.450 280.000 $334.038 Total Liabilities and Shareholders' Equity Income Statement Anne Elizabeth Company For the Year Ended December 31, 2019 2019 2017 $718,500 Net sales Cost of goods sold Gross profit 2018 $650,500 520,000 130,500 580,000 138.500 $640,000 $15.000 25.000 Operating expenses S $ 71,000 $ 65,000 Selling, general, and admin 2 4,000 Interest 2.500 S 67,000 _3.000 70,000 60,500 29.000 $31.500 75.000 63,500 30.000 $ 33.500 67.500 57,500 28.000 Earnings before income taxes Income taxes Net earnings Required: Compute the following ratios for 2019: a. Accounts receivable turnover b. Working capital c. Current ratio d. Acid-test ratio (conservative) e. Sales to working capital