ARMADA COMPANY Balance Sheets December 31, Cash Accounts receivable (net) Inventories Plant assets (net) 2020 $ 40,000 65,000 60,000 185,000 $350,000 2019 $ 30,000 60,000 50,000 180,000 $320,000 $ 60,000 100,000 120,000 40,000 $320,000 Accounts payable Mortgage payable (15%, due in 15 years) Common stock, $10 par Retained earnings $ 50,000 100,000 140.000 60,000 $350,000 Additional information for 2020: 1. 2. 3. Net income was $25,000. Sales on account were $450,000. Sales returns and allowances amounted to $25,000. Cost of goods sold was $275,000. Net cash provided by operating activities was $49,000. Capital expenditures were $23,000, and cash dividends were $18,000. 4. 5. 935 23 W tv Compute the following ratios at December 31, 2020. (Round Current ratio, Accounts answers to 1 decimal place, e.g. 1.8 and other answers to 0 decimal places, e.g. 80.) (a) Current ratio 3.3 :1 (b) Accounts receivable turnover times (c) Average collection period days (d) Inventory turnover times (e) Days in inventory days (f) Free cash flow $ 26000 Save for Later OG A 23 W