Balance Sheet 2012 2018 Cash $8,000 $4,000 AR 3,000 5,000 Inventory 12,000 14,000 17,500 Fixed Assets 14,000 Total Assets $42,500 $35,000 AP $14,000 $8,000 Other Current Liabilities 4,500 5,500 Long-term Liabilities 8,500 9,500 Common Stock 2,000 2,000 Retained Earnings 13,500 10,000 Total Liabilities & Equity $42,500 $35,000 Income Statement 2019 Sales $80,000 COGS 62,000 Gross Profit 18,000 Operating Expenses 12,000 Operating Income 6,000 Other Income/Expenses (2.000) Net Income $4,000 Problem 5-1 For 2019 the working capital turnover was: O 12.31 O 11.43 0 3.20 03.48