Assets Comparative Balance Sheet As of December 31 2020 2019 Current assets Cash $398,000 $417,400 Accounts receivable, net 1,099,000 776,450 Inventory 746,000 681,000 Other current assets 381,350 247,000 Total current assets 2,624,350 2,121,850 Property, plant, & equipment, net 8,645,005 8,440,010 Total assets $11,269,355 $10,561,860 Liabilities and Stockholders' Equity Current liabilities $3,209,000 $2,846,050 Long-term debt 3,702,600 3,892,700 Total liabilities 6,911,600 6,738,750 Preferred stock, $5 par value 58,950 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,194,155 3,660,310 Total stockholders' equity 4,357,755 3,823,110 Total liabilities and stockholders' equity $11,269,355 $10,561,860 Sunland Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,250 $9,613,900 Cost of goods sold 5,612,700 5,298,700 Gross profit 4,564,550 4,315,200 Operating expenses 2,840,300 2,634,200 Net operating income 1,724,250 1,681,000 Interest expense 300,400 308,700 Net income before taxes 1,423,850 1,372,300 Income taxes (30%) 427,155 411,690 Net income $996,695 $960,610 Dividends paid Preferred dividends 29,500 29,550 Common dividends 433,350 413,050 Total dividends paid 462,850 442,600 Net income retained 533,845 518,010 Retained earnings, beginning of year 3,660,310 3,142,300 Retained earnings, end of year $4,194,155 $3,660,310 (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 c. Acid-test ratio d. Accounts receivable turnover times