Question 25 Cornerstone Co. Not yet answered Balance Sheet Accounts Points out of 2.5 P Flag question 12/31/18 12/31/17 $2,100 Bonds Payable $2,100 Cash 400 392 Accounts Receivable 145 128 Preferred Stock 500 500 244 250 Accounts Payable Land 3,285 1,200 3,285 1,200 Common Stock 480 520 320 400 Inventory Retained Earnings Unearned Rent Revenue (to be earned in 2 months) Prepaid Insurance (3-month policy) Taxes Payable 40 28 114 173 20 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 $60 Insurance Expense Interest Expense Cost of Goods Sold 32 1,500 Rent Revenue 25 Net Sales Revenue 2,000 Tax Expense 27 Other Information 2018 Dividends to Common Shareholders $40 2018 Dividends to Preferred Shareholders $200 2018 Common Shares outstanding 100sh 2018 Preferred Shares outstanding 50sh 2018 Stock Price $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the questions. What is the 2018 Inventory Turnover Ratio? Select one: a. 4.00 b. 3.13 O c. 3.00 d. 1.00 e. 2.88