8 Assignment Question 5 of 8 -18 5 Ivanhoe Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Ivanhoe Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $380,000 $417,500 Accounts receivable, net 1,035,000 776,500 Inventory 726,000 681,050 Other current assets 381,400 247,000 Total current assets 2,522,400 2.122,050 Property, plant, & equipment, net 8,738,625 8,439,845 Total assets $11,261,025 $10.561,895 Liabilities and Stockholders' Equity Current liabilities $3,201,000 $2.846,100 DELLAssignment Question 5 of 8 -18 Current liabilities $3,201,000 $2,846,100 Long-term debt 3,702,650 3,892,600 Total liabilities 6.903.650 6.738,700 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,700 103,900 Retained earnings 4,193,775 3,660,395 Total stockholders equity 4,357,375 3,823.195 Total liabilities and stockholders equity $11,261,025 $10.561,895 Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10.177.200 $9,613,900 Cost of goods sold 5,613,150 5,298,750 Gross profit 4.564.050 4,315,150 Operating expenses 2.840.250 2.634.150 g DOLLQuestion 5 of 8 18 IE Operating expenses 2.840,250 2,634,150 Net operating income 1,723.800 1,681,000 Interest expense 300,400 308,650 Net income before taxes 1,423,400 1,372,350 Income taxes (30%) 427.020 411,705 Net income $996,380 $960,645 Dividends paid Preferred dividends 29,550 29.550 Common dividends 433,450 413.050 Total dividends paid 463,000 442,600 Net income retained 533,380 518.045 Retained earnings, beginning of year 3,660,395 3,142.350 Retained earnings, end of year $4.193,775 $3,660,395 DOLLQuestion 5 of 8 -18 5 (a-d) Calculate the following liquidity ratios for 2020. (If working capital is negative then enter with a negative sign preceding the number or parentheses, e.g. -15,000 or (15.000). Round all answers except working capital to 2 decimal places, e.g. 2.55.) a. Working capital b . Current ratio Acid-test ratio d. Accounts receivable turnover times e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer e-f) Calculate the following liquidity ratios for 2020. (Round average collection period to O decimal place, e.g. 25 and inventory turnover DELLignment Question 5 of 8 - 18 (e-f ). Calculate the following liquidity ratios for 2020. (Round average collection period to O decimal place, e.g. 25 and Inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) a. Average collection period days b. Inventory turnover times eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (g) Calculate average days to sell inventory for 2020. (Round answer to O decimal places, e.g. 25. Use 365 days for calculation.) Average days to sell inventory days D