Pharoah Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $ 386,000 $ 417,350 1,057,000 776,400 750,000 681,050 381,350 247.050 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets 2.574,350 2,121,850 8,641,505 8,440.160 $11.215,855 $ 10,562,010 $3,155,000 $ 2.846,100 3,702,700 3,892,650 6.857,700 6,738,750 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, 65 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 58,950 58,950 104,650 103.900 4.194.555 3,660.410 4,358,155 3,823,260 $11.215,855 $ 10,562,010 Pharoah Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $ 10,177,300 $ 9,613,900 Cost of goods sold 5,612,400 5.298,800 Gross profit 4,564,900 4,315,100 Operating expenses 2,840,200 2,634,150 Net operating income 1,724,700 1,680.950 Interest expense 300.350 308,650 Net income before taxes 1.424.350 1,372.300 Income taxes (30%) 427,305 411,690 Net income $ 997,045 $ 960,610 Dividends paid Preferred dividends 29.500 29,450 Common dividends 433,400 413.050 Total dividends paid 462.900 442 500 Net income retained 534,145 518.110 Retained earnings, beginning of year 3,660,410 3.142.300 Retained ea end of yea $ 4,194,555 $3,660,410 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, eg.-15,000 or (15,000). Round all answers except working capital to 2 decimal places, eg 2.55.) $ 2. Working capital b. Current ratio Acid-test ratio d. Accounts receivable turnover times (e-f) Calculate the following liquidity ratios for 2020. (Round average collection period to decimal place, eg, 25 and inventory turnover ratio to 2 decimal places, eg. 5.12. Use 365 days for calculation) days 2. Average collection period times b. Inventory turnover e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Calculate average days to sell inventory for 2020. (Round answer to decimal places, eg, 25. Use 365 days for calculation.) days Average days to sell inventory e Textbook and Media Save for Later Attempts: 0 of 3 used Submit