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The following data are provided: December 31 2021 2020 Cash $ 1350000 $ 1020000 Accounts receivable (net) 1600000 1300000 Inventories 2750000 2250000 Plant assets (net)

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The following data are provided: December 31 2021 2020 Cash $ 1350000 $ 1020000 Accounts receivable (net) 1600000 1300000 Inventories 2750000 2250000 Plant assets (net) 7500000 6400000 Accounts payable 1150000 785000 Income taxes payable 180000 100000 Bonds payable 1500000 1500000 10% Preferred stock, $50 1800000 1800000 par Common stock, $10 par 2450000 1900000 1700000 1200000 Paid-in capital in excess of par Retained earnings 4050000 3550000 Net credit sales 12750000 Cost of goods sold 8450000 Operating expenses 2700000 Net income 1400000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1200000. On May 1, 2021, 55000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The accounts receivable turnover for 2021 is O 12750 - 1450. O 12750 = 1600. O 8450 = 1450. O 8450 - 1600

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