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A B 1 N 3 Justice Corporation Balance Sheets December 31, 2020 and 2019 (amounts in thousands) 2020 Assets 4 5 2019 6 7 Current assets: 8 Cash $ 2,950 $ 2,500 9 Accounts receivables 3,300 2,720 10 Inventory 2,200 1,400 11 Other current assets 3,050 1,480 $ 8,100 12 Total current assets 13 Other assets 14 Total assets 11,500 $ 20,500 16,000 $ 32,000 $ 24,100 15 16 Liabilities $ 11,000 17 Total current liabilities 18 Long-term liabilities 19 Total liabilities 12,500 $ 11,500 24,000 $ 3,500 $ 14,500 20 21 Stockholders' equity 22 Total common stockholders' equity 8,000 9,600 24 Total liabilities and equity $ 32,000 $ 24,100 00 N 5 1 Justice Corporation Income Statement 3 For the Year Ended December 31, 2020 4 (amounts in thousands) 5 2020 6 Sales revenues $ 15,695 7 Less: Cost of goods sold 5,940 8 Gross profit 9,755 9 Less: Operating expenses 7,255 10 Operating income 2,500 $ $ 100 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense $ 2,400 200 14 Net income $ 2,200 Calculate the following ratios for 2020 and interpret the results: a. Inventory turnover b. Days' sales in receivables c. Acid-test ratio d. Times-interest-earned e. Gross profit percentage f. Operating income percentage g. Return on stockholders' equity h. Earnings per share i. Price/earnings ratio Justice Corporation reported these figures: (Click the icon to view the balance sheet.) (Click the icon to view the income statement.) Justice Corporation has 2,000,000 shares of common stock outstanding. Its stock has traded recently at $41.80 per share. You would like to gain Corporation's financial position. Assume all sales are on credit. Read the requirement better understanding of Justice . a. Inventory turnover Enter the formula on the first line, then calculate the inventory turnover on the next line. (Enter amounts in thousands as provided to you in the problem statement. Round your answer to one decimal place.) Inventory turnover Average accounts receivable Average inventory t. Cost of goods sold al Current assets Current liabilities la Days in year