wy MO Wedias Student Portal Man Home M Gmail . Youtube O TOPIC 8 Assignment Question 5 of 8 4/8 Ivanhoe Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Ivanhoe Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $359.000 $417.450 1.014,000 776,400 Accounts receivable net Inventory 736,000 681,000 Other current assets 381,350 247.000 2.490.350 21121.850 Total current assets be here to search in 88F 2:57 10/13 iii Dividends paid Preferred dividends 29,500 29,500 433,450 413.100 462.950 442,600 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 533,850 518,045 3,660,345 3.142.300 $4,194,195 $3,660,345 la-d) Your answer is correct. Question 5 of 8 4/8 Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,613,950 Cost of goods sold 5,612,550 5,298,800 Gross profit 4,564,650 4,315,150 Operating expenses 2.840.250 2.634,150 Net operating income 1,724.400 1,681,000 Interest expense 300,400 308,650 Net income before taxes 1.424,000 1,372,350 Income taxes (30%) 427,200 411,705 Net income $996,800 $960,645 Question 5 of 8 > 4/8 Dividends paid Preferred dividends 29.500 29,500 433,450 413,100 462,950 442,600 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 533,850 518,045 3,660,345 3,142,300 $4,194,195 $3,660,345 (a-d) Your answer is correct. Question 5 of 8 4/8 E 8.737,045 8,439,895 Property.plant, & equipment, net Total assets $11,227,395 $10.561.745 $3,167,000 $2,846,000 3,702,600 3,892,600 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock. $0.25 par value 6,869,600 6.738,600 58.950 58,950 104,650 103,850 Retained earnings 4,194, 195 3,660,345 Total stockholders' equity 4,357,795 3,823,145 Total liabilities and stockholders' panty $11227395 $10 561 745 Question 5 of 8 4/8 II! (e-f) Your answer is partially correct. Calculate the following liquidity ratios for 2020. (Round average collection period to decimal place, eg. 25 and inventory turnover ratio to 2 decimal places, c.8. 5.12. Use 365 days for calculation.) 32.11 days a. Average collection period 7.98 times b. Inventory turnover e Textbook and Media Question 5 of 8 478 (g) * Your answer is incorrect. Calculate average days to sell inventory for 2020. (Round answer to decimal places, eg. 25. Use 365 days for calculation.) 47.86 days Average days to sell inventory e Textbook and Media Save for Later Attempts: 2 of 3 used Submit