Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income Statement for 2019 and 2020 follow. Crane Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, I'iet Inventory Other current assets Total current assets Property. plant, 5: equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Longterm debt Total liabilities Preferred stock, 85 par value Common stock, $0.25 parvalue Retained earnings Total stockholders' equity 2020 2019 $395,000 $417,500 1,044,000 ?76,450 717,000 681,100 381,300 247,000 2,537,300 2,122,050 8,706,025 8,439,980 $11,243,325 $10,562,030 33,182,000 52,846,000 3,702,600 3,892,650 6,884,600 6,738,650 59,000 59,000 104,650 103,850 4,195,075 3,660,530 4,358,725 3,823,380 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,250 $9,614,000 Cost of goods sold 5,611,750 5,298,750 Gross profit 4,565,500 4,315,250 Operating expenses 2,840,300 2,634,200 Net operating income 1,725,200 1,681,050 Interest expense 300,350 308,650 Net income before taxes 1,424,850 1,372,400 Income taxes (30%) 427,455 411,720 Net income $997,395 $960,680 Dividends paid Preferred dividends 29,450 29,500 Common dividends 433,400 413,050 Total dividends paid 462,850 442,550 Net income retained 534,545 518,130 Retained earnings, beginning of year 3,660,530 3,142,400 Retained earnings, end of year $4,195,075 $3,660,530(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 eTextbook 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 ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) days a. Average collection period b. Inventory turnover times