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Dachshund Corporation Balance Sheets - 2018 $ Cash Accounts receivable Inventory Equipment (net) Dec. 31 $ 15,600 46,800 32,500 57.200 S 152.100 26,000 7,800 14,300 72.800 31.200 S 152.100 Jan. 1 15,600 37,700 36,400 66,300 W156,000 28,600 3.900 14.300 72.800 36,400 156,000 Accounts payable Dividends payable Long-term note payable Capital stock, $5 par Retained earnings S Dachshund Corporation Income Statement For the year ended 2018 Sales Cost of goods sold Gross profit on sales Operating expenses Operating income Interest expense and income taxes 228.800 (137.540) 91.260 (75,868) 15,392 (9.100 S s Dachshund Corporation Income Statement For the year ended 2018 Sales Cost of goods sold Gross profit on sales Operating expenses Operating income Interest expense and income taxes Net income S 228,800 (137,540 91,260 (75,868) 15,392 (9,100 6,292N S All sales were made on account. Cash dividends declared during the year totaled $11,492. Dachshund Corporation's accounts receivable turnover for 2018 is: 4:6 times 2.9 times 5.4 times 78 days