27.Which of the following is NOT a formal part of the accounting system? a. balance sheet b. income statement c. statement of owner's equity d. the work sheet 28. The following information was taken from the financial statements of Sunshine City: Total current assets Property, plant, and equipment Current liabilities Long-term liabilities Owner's equity Beginning inventory Ending inventory Cost of goods sold Net income 53,000 6,000 21,000 4,000 34,000 31,000 33,000 152,000 42,000 The inventory turnover (rounded to one decimal place) for Sunshine City is a. 2.2 times. b. 3.0 times. c. 4.8 times. d. 5.0 times. 15. The following information was taken from the financial statements of Brandon's Motor Shop: Total current assets s 53,000 Property, plant, and equipment Current liabilities Long-term liabilities Owner's equity Beginning inventory Ending inventory Cost of goods sold Net income 6,000 21,000 4,000 34,000 31,000 33,000 152,000 42,000 The current ratio for Brandon's Motor Shop is closest to a. 1.3 to 1. b. 2.4 to1 c. 2.5 to 1. d. 1 to 2.5