The cogny statement of findi pont Gatd. asa December 31 km 2021 Cash and cash equivalents $ 26,000 Trade receivables 53,000 Inventories held for resale 41,000 Buildings and equipment, net 287,000 Total $400/000 2020 $ 90,000 62,000 29,000 240,000 $421.000 Trade payables Bank loan Interest payable Income taxes payable Contributed capital (common shares) Retained earnings Total $ 16,000 0 4,000 5,000 122,000 260.000 $407.000 $ 27,000 88,000 2,500 7,000 100,000 196.500 $421.000 Income statement information for Gnat Ltd. for 2021 is shown below: Sales Cost of sales Operating expenses Operating income Interest expense Gain on sale of equipment Pre-tax earnings Income tax expense Net earnings $ 850,000 580,000 135.000 135,000 5,000 22.000 152,000 64,000 $ 88,000 Additional information 1. A building was acquired for cash during 2021 Also during 2021 equipment with a cost of $73,000 and accumulated depreciation of $15,000 was disposed of in exchange for cash. 2. A $10,000 common stock dividend was declared and issued in 2021. 3. Sales are 80% on credit, and 20% for cash 4. Trade payables relate only to transactions with suppliers of merchandise inventory 5. The bank loan matures in 2021 and was repaid in full 6. The income tax rate is 42.1% 7 Operating expenses include depreciation amounting to $65,000 25. 40 The change in current assets in 2021 was Select one O a Decrease of $61,000 O b. Increase of $2,000 Oc. Decrease of $2,000 O d. Increase of $13,000 Unsure 26 of 40 The quick ratio for 2021 is closest to Select one: O a, 32 O. 32 O c 26 O d. 48 Unsure 27 0640 The current ratio for 2021 is closest to Select one O a 32 O b. 48 O c.6.0 O d.5.4 28.40 The trade receivables average collection period (in days) for 2021 is closest to Select one O a. 31 O b. 25 Oc 23 O d. 28 Unsure lla 29040 The inventory turnover (number of times) for 2021 is closest to Select one: O a 24 O. 14 Oc 17 O d. 8 Unsure 30. of 40 The fixed asset turnover ratio (number of times) for 2021 is closest to Select one O a. 3 06.4 Oc2 O d. Less than 1 31. of 40 The total asset turnover ratio (number of times) for 2021 is closest to Select one: Oa1 O b. 2 Oc.3 Od4 Unsure