179 Balance 123129 Below is not homework unless assigned by your instructor The following data is for Ell's Egg Co. Halance 12/31/12 19,400 Accounts Receivable 50,000 Allowance for Doubtful Accounts 5.000 Inventory 90,000 Prepaid Insurance 2,600 Equipment 290.000 Accumulated Depreciation 20.000 Land Security Deposits 10,000 Accounts Payable 30.000 Wages Payable 10,000 Rent Payable 4,000 Interest Payable 8.000 Taxes Payable 5,000 Note Payable 160.000 Note Payable-Land Common Stock (S1 cach) 150,000 Retained Earnings 70,000 Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Bad Debt Expense Insurance Expense Interest Expense Income Tax Expense 71.900 90.000 12,000 50,000 3.600 340,000 80,000 140,000 12.000 35,000 6.000 8.000 6,500 10,000 130,000 80.000 220,000 120.000 1.200.000 700,000 220,000 48,000 46,000 60.000 15,000 6.000 14,500 27.150 The land was acquired on December 31, 2020 by putting S60,0000 down and signing a note to pay in additional $80,000 in ten years. The note requires interest at 6% be paid each December 31" starting in 2021. The additional common stock was sold on October 31, 2020 for $1 per share. The company did not sell any equipment during the year. All equipment purchased during the year was purchased for cash. The balance in retained earings for each year is after all closing entries have been made. The Note Payable requires payments of $30,000 prineipal plus interest at 10% on June 30 of each year, Prepare Financial Statements for 2020 Prepare the A/R Turn, Average Collection Period, Inventory Turn and Average Days' Sales in Inventory for 2020