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The following data are provided: December 31 2021 2020 Cash $ 1400000 $ 995000 1200000 2150000 6550000 815000 Accounts receivable (net) 1500000 Inventories 2550000 Plant
The following data are provided: December 31 2021 2020 Cash $ 1400000 $ 995000 1200000 2150000 6550000 815000 Accounts receivable (net) 1500000 Inventories 2550000 Plant assets (net) 7000000 Accounts payable 1150000 Income taxes payable 180000 Bonds payable 1450000 10% Preferred stock. $50 1950000 par Common stock, $10 par 2450000 Paid-in capital in excess of 1550000 110000 1450000 1950000 1750000 1350000 par 3600000 Retained earnings Net credit sales Cost of goods sold Operating expenses 4050000 12950000 8600000 2700000 Net income 1550000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1235000. On May 1, 2021, 70000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The inventory turnover for 2021 is O 8600 - 2550 O 12950 - 2550. O 8600 - 2350. O 12950 - 2350
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