Steering Designs operates an exclusive bridal boutique in Manhattan. All gowns are designed by Lang but are manufactured by various small firms in France and Italy, December 31 2021 December 31 2020 Steering Designs Balance Sheets Assets Current assets: Cash Accounts receivable Inventory $64,870 $87,411 354,025 330,202 1,809,070 1,841,800 Prepaid expenses 61,439 65,040 2.289,404 2.324,453 1,559,836 1,559,836 $3,849,240 $3,884,289 $72,791 $65.751 89,302 110,310 13,091 10,969 Total current assets Building, furniture and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 175,184 187,030 310,197 368,617 485,381 555,647 1,259.946 1,259.946 2,103,913 2,068,696 3,363,859 3,328,642 $3,849,240 $3,884.289 Question 4 of 6 -/1 Bank loan payable 89,302 110,310 Other accrued payables 13,091 10,969 Total current liabilities 175.184 187.030 Long-term debt 310,197 368,617 Total liabilities 485.381 555,647 Stockholders' equity Common stock 1.259.946 1.259.946 Retained earnings 2,103,913 2,068,696 Total stockholders' equity 3,363,859 3,328,642 Total liabilities and stockholders' equity $3,849,240 $3,884.289 Steering Designs Income Statements December 31, 2021 December 31 2020 Net sales $20,655,624 $19,451,562 12,505,822 Cost of goods sold 14,472,560 Gross margin 6.183,064 6,945,740 645,370 580,941 2,676,633 2,327,870 Operating expenses: Selling expenses General and administrative expenses Total operating expenses Operating income Interest expense Income before taxes 3,322,003 2,908,811 2,861,061 4,036,929 28,794 37.733 2.832.267 3,999,196 Income taxes 566,453 799,839 Net income $2,265,814 $3,199,357 Assume you are the vice president of operations of Steering. To prepare for a meeting with Adrienne Aiello, the company president you are in the process of analyzing inventory Assume you are the vice president of operations of Steering. To prepare for a meeting with Adrienne Aiello, the company president, you are in the process of analyzing inventory (a) Compute inventory turnover and days' sales in inventory. (Round all answers to 2 decimal places, eg. 5.25.) 2021 2020 Inventory turnover times times Days' sales in inventory days days e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above