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A B 1 2 3 Trust Corporation Balance Sheets December 31, 2020 and 2019 (amounts in thousands) 2020 4 4 5 2019 6 Assets 7 Current assets: 8 Cash $ 2,400 2,730 $ 2,400 9 Accounts receivables 2,000 10 Inventory 1,900 1,500 800 2,150 $ 11 Other current assets 12 Total current assets 13 Other assets 14 Total assets 7,830$ 21,500 8,050 19,000 27,050 $ 29,330 $ 15 16 Liabilities 17 Total current liabilities $ 7,000 9,000 $ 2,330 4,050 18 Long-term liabilities 19 Total liabilities $ 11,330 $ 11,050 20 21 Stockholders' equity 22 Total common stockholders' equity 18,000 16,000 23 24 Total liabilities and equity $ 29,330 $ 27,050 A B 2 4 5 1 Trust Corporation 2 Income Statement 3 For the Year Ended December 31, 2020 (amounts in thousands) 2020 6 Sales revenues $ 16,060 7 Less: Cost of goods sold 5,780 8 Gross profit 10,280 9 Less: Operating expenses 2,630 10 Operating income 7,650 $ $ $ 300 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense $ 7,350 4,800 2,550 14 Net income $ 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 Trust Corporation reported these figures: (Click the icon to view the balance sheet.) (Click the icon to view the income statement.) Trust Corporation has 3,000,000 shares of common stock outstanding. Its stock has traded recently at $27.20 per share. You would like to gain a better understanding of Trust Corporation's financial position. Assume all sales are on credit. Read the requirement 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 M Average accounts receivable Average inventory t.) on ale Cost of goods sold Current assets Current liabilities lat Days in year