Carla Vista Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Carla Vista Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $399,000 $417,350 1,082,000 776,400 738,000 681,000 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net 381,300 247,100 2,600,300 2,121,850 8,619,910 8,440,065 Total assets $11,220,210 $10,561,915 Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,159,000 $2,846,000 3,892,700 3,702,700 6,861,700 6,738,700 58,900 58,900 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity 104,600 4,195,010 103,850 3,660,465 3,823,215 4,358,510 Total liabilities and stockholders' equity $11,220,210 $10,561,915 Carla Vista Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,611,750 5,298,700 Gross profit 4,565,450 4,315,200 Operating expenses 2,840,300 2,634,100 Net operating income 1,725,150 1,681,100 Interest expense 300,300 308,650 Net income before taxes 1,424,850 1,372,450 Income taxes (30%) 427,455 411,735 Net income $997,395 $960,715 Dividends paid Preferred dividends 29,500 29.550 433,350 413,100 462,850 442,650 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 534,545 518.065 3,660,465 3,142,400 $4,195,010 $3,660,465 nover Calculate the following liquidity ratios for 2020. (Round average collection period to O decimal place, e.g. 25 and inventory turnov ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) days a. Average collection period times b. Inventory turnover