Time left 0:46:04 Financial statement information is provided for the three years ending December 31, 2018, 2019 and 2020. December 31 2020 2019 2018 Cash 443,550 355,750 142,800 Accounts Receivable 59,600 62,500 58,400 Merchandise Inventory 87,000 90,100 85,000 Prepaid Expenses 6,400 5,800 5,800 Notes Receivable, due in 2021 5,000 5,500 5,000 Property, Plant & Equipment 580,175 518,525 528,950 Accumulated Depreciation 114,175 96,525 97,950 Accounts Payable 16,900 17,800 15,000 Unearned Sales 6,100 6,500 7,400 Notes Payable, due in 2022 119,000 126,000 124,000 I. C. Rhodes, Capital 1,075,550 931,350 701,600 I. C. Rhodes, Withdrawals 150,000 140,000 120,000 Sales Cost of Goods Sold 431,900 525,900 556,300 130,200 168,100 219,100 167,500 148,050 206,750 Operating Expenses Gross Profit Ratio = Gross Profit Net Sales 100% Merchandise Inventory Turnover = Cost of Goods Sold Average Merchandise Inventory Days Sales in Inventory = Ending Inventory Cost of Goods Sold X 365 Quick Ratio = Quick Assets Current Liabilities Accounts Receivable Turnover = Net Sales Average Accounts Receivable 13 7:45 PM