Florida Company Problem Balance Sheet/Ratio Analysis The following post-closing trial balance was prepared on December 31, 2017 and 2018 for the Florida Company: Dec. 31, 2020 Dec. 31, 2019 Account Debit Credit Debit Credit Cash 25,000 79,000 Building 450,000 380,000 Inventory 50,000 60,000 Accounts receivable 35,000 56,000 Discount on bonds payable (due 1/1/21) 4,000 3,000 Trading investments 79,000 68,000 Adjustment to market, trading 5,000 9,000 investments Patents 60,000 54,000 Deposit on purchase of equipment 10,000 Accumulated depreciation 164,000 128,000 Allowance for bad debts Bonds payable (100,000 due 10/1/21) Accounts payable Unearned rental income 4,000 2,000 200,000 200,000 80,000 100,000 20,000 8,000 Common stock, $1 par Paid-in excess of par Retained earnings Required: 10,000 10,000 190,000 190.000 40,000 81,000 A. A classified (current versus long term) balance sheet for December 31, 2020. Include proper heading and presentation. B. Ratio Analysis (the ratios that will be on Exam 2) Assume that sales were $320,000, the cost of goods sold was $220,000 and bad debt expense was $5,000 for 2018. Calculate the following ratios for 2020: 1. Current ratio 2. Quick (acid test) ratio 3. Accounts Receivable (as ratio and in days) 4. Inventory turnover (as a ratio and in days) 5. Asset turnover ratio 6. Book value per share Note: Any ratio with an income statement item in the numerator and a balance sheet amount in the denominator should use an average amount (beginning/end of year) amount in the denominator.