December 31 2021 2020 Cash $ 1700000 $ 1020000 Accounts receivable (net) 1550000 1200000 Inventories 2700000 2100000 Plant assets (net) 6500000 6600000 Accounts payable 1000000 810000 Income taxes payable 185000 110000 Bonds payable 1350000 1350000 1950000 1950000 10% Preferred stock. $50 par Common stock, $10 par 2350000 1700000 Paid-in capital in excess of par 1600000 1250000 Income taxes payable 185000 110000 Bonds payable 1350000 1350000 10% Preferred stock, $50 par 1950000 1950000 Common stock, 510 par 2350000 1700000 Pald-in capital in excess of 1600000 par 1250000 Retained earnings 3900000 3550000 Net credit sales 12850000 Cost of goods sold 8600000 Operating expenses 2950000 Net income 1600000 Additional information Depreciation included in cost al goods sold and operating expenses is 51200000. On May 1, 2021.65000 shares of common stock were issued. The preferred stockis cumulative. The preferred dividends were not declared during 2021 Additional information: Depreciation included in cost of goods sold and operating expenses is $1200000. On May 1, 2021, 65000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The accounts receivable turnover for 202115 128501375 12850 - 1550 86001550 8600 - 1375