Unit 10 - Financial Statement Analysis Following is a comparative balance sheet for Summer Days Corporation: Summer Days Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Current assets: Cash $ 150,000 $ 90,000 Short-term investments 90,000 80,000 Accounts receivable, net 350,000 220,000 Inventory 400,000 430,000 Prepaid expenses 30,000 30,000 Total current assets $1,020,000 $ 850,000 Property, plant, and equipment, net 750,000 500,000 Other assets 280,000 300,000 Total assets $2,050,000 $1,650,000 Current liabilities: Short-term notes payable $650,000 $670,000 Accounts payable 200,000 225,000 Total current liabilities $850,000 $895,000 Non-current debt 180,000 220,000 Total liabilities $1,030,000 $1,115,000 Shareholders' equity: Common shares $500,000 $500,000 Retained earnings 410,000 35,000 Total shareholders' equity $ 910,000 $535,000 Total liabilities and shareholders' equity $2,140,000 $1,650,000 Notes: Net sales (all on credit) and cost of goods sold for the year ended December 31, 2019, were $2,100,000 and $1,500,000, respectively. The number of common shares outstanding has been 50,000 since the company began operations. Required: Calculate the following ratios for the year ended December 31, 2019: a. current ratio b. acid-test ratio c. inventory turnover d. accounts receivable turnover e. debt ratio f. book value per common share of stock