Current Attempt in Progress Blossom Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Blossom Medical Comparative Balance Sheet As of December 31 Assets Current assets 2020 2019 Cash $366,000 $417,400 Accounts receivable, net 1,038,000 776,400 Inventory 733,000 681,000 Other current assets 381,400 247,000 Total current assets 2,518,400 2,121,800 Property, plant, & equipment, net 8,710,515 8,440,030 Total assets $11,228,915 $10,561,830 Liabilities and Stockholders' Equity Current liabilities $3,169,000 $2,846,000 Long-term debt 3,702,600 3,892,600 Total liabilities 6,871,600 6,738,600 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,700 103,800 Retained earnings 4,193,715 3,660,530 Total stockholders' equity 4,357,315 3,823,230 Total liabilities and stockholders' equity $11,228,915 $10,561,830 Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,300 $9,614,000 Cost of goods sold 5,613,550 5,298,750 Gross profit 4,563,750 4,315,250 Operating expenses 2,840,300 2,634,150 Net operating income 1,723,450 1,681,100 Interest expense 300,400 308,700 Net income before taxes 1,423,050 1,372,400 Income taxes (30%) 426,915 411,720 Net income $996,135 $960,680 Dividends paid Preferred dividends 29,500 29,450 Common dividends 433,450 413,000 Total dividends paid 462,950 442,450 Net income retained 533,185 518,230 Retained earnings, beginning of year 3,660,530 3,142,300 Retained earnings, end of year $4,193,715 $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.) a. Average collection period b. Inventory turnover eTextbook and Media Save for Later days times Attempts: 0 of 3 used Submit Answer (g) Calculate average days to sell inventory for 2020. (Round answer to O decimal places, e.g. 25. Use 365 days for calculation.) Average days to sell inventory eTextbook and Media Save for Later days Attempts: 0 of 3 used Submit