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Apple inc. has the following accounts and balances at year end (note that not all accounts are shown):
Accounts payable $1,200
Accounts receivable $3,000
Cash $10,000
Land $80,000
Salaries payable $3,500
Cost of Goods Sold $12,000
Bonds payable (due in 10 years) $45,000
Equipment (net of depreciation) $12,000
Inventory $7,500
Retained earnings $50,000
Notes payable (due in 4 months) $4,000
Sales $25,000
Compute the following based upon the accounts and balances provided (show your calculations):
Working capital
Total assets
Accounts payable turnover ratio
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