Condensed financial data are presented below for the Tulsa Corporationto answer the following questions:

 

Show your calculations at the end

                                    

	2021	2020
Accounts receivable	$277,500	$230,000
Inventory	310,000	250,000
Total current assets	675,000	565,000
Total assets	800,000	700,000
Current liabilities	250,000	200,000
Long-term liabilities	77,500	75,000
Sales	1,640,000
Cost of goods sold	985,000
Interest expense	10,000
Net income	130,000
Tax rate	25%