Sunland Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $390,000 $417.450 Accounts receivable.net 1,079.000 776,450 Inventory 729.000 681.100 Other current assets 381,400 247.100 Total current assets 2.579.400 2.122.100 Property, plant, & equipment net 8,659,740 8,439,815 Total assets $11.239.140 $10,561,915 Liabilities and Stockholders Equity Current liabilities 53.178,000 $2,846,050 3.702.700 3.892.600 6,880,700 6,738,650 58.900 58.900 Long term debt Total liabilities Preferred stock. 55 par value Common stock, 50.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 104,600 103,850 4,194.940 3,660,515 4.358.440 3.823.265 $11.239.140 $10,561,915 Sunland Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 $10,177,200 $9.614,000 5.611,950 5.298,800 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income 4,565.250 4,315,200 2,840.200 2,634, 150 1.725,050 1,681.050 Interest expense 300,300 308,600 Net income before taxes 1.424.750 1.372.450 Income taxes (30%) 427,425 411,735 $997,325 $960,715 Net income Dividends paid Preferred dividends 29.550 29.450 Common dividends 433,350 413.100 Total dividends paid 462.900 442,550 Net income retained 534 425 518,165 3.660.515 3,142,350 Retained earnings, beginning of year Retained earnings end of year $4.194.940 $3,660.515 (e-1 Calculate the following liquidity ratios for 2020. (Round average collection period to decimal place, es, 25 and Inventory turnover ratio to 2 decimal places, es. 5.12. Use 365 days for calculation) a. Average collection period days b. Inventory turnover times