Reference no: EM132801368

Problem - Sampson, Inc. reports the following year-end information.

Balance Sheet Items

Assets (all current assets shown, some non-current assets are not)

Cash and short-term investments $80,000

Accounts receivable $45,000

Inventory $30,000

Land $70,000

Liabilities and Stockholders' Equity

Current liabilities ?

Long-term liabilities ?

Stockholders' Equity $250,000

Income Statement Items (Cost of Goods Sold is the only account not shown)

Sales revenue $400,000

Operating expenses $20,000

Other Information

Inventory turnover 3.0

Average common shares outstanding 20,000

Debt to equity ratio 0.6

Market price of common stock $244

Using vertical analysis ("common sized financial statements") for 2020 Sampson would show what number on the row for operating expenses?