179 Below is not homework unless assigned by your instructor The following data is for Ellis's Egg Co. Balance Balance 12/12 19,400 50,000 5.000 90,000 2.600 290,000 20,000 10,000 30.000 10.000 4,000 8.000 5.000 160.000 Cal Accounts Receivable Allowce for Doubtful Accounts Inventory Prepaid in me Equipment Accumulated Depreciation Land Security Deposit Accounts Payable Wapes Payable Rent Payable Interest Payable Theses Payable Note Payable Note Payable-Land Common Stock (SI each Retained Earnings 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 6.000 150.000 70.000 14,500 27.150 The land was acquired on December 31, 2020 by putting 560,0000 down and signing a note to pay an additional S80,000 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 cush. The balance in retained earnings for each year is after all closing entries have been made. The Note Payable requites payments of $30,000 principal plus interest at 10% on June 30 of each year. Prepare Financial Statements for 2020 Prepare the A/R Tum, Average Collection Period, Inventory Turn and Average Days' Sales in Inventory for 2020 The following data is for Ellis's Egg Co.: Balance 12/31/19 Balance 12/3120 19.400 50,000 5.000 90,000 2,600 290,000 20,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Note Payable- Land Common Stock (S1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Bad Debt Expense Insurance Expense Interest Expense Income Tax Expense 10,000 30,000 10,000 4,000 8.000 5.000 160,000 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 27,150 150,000 70,000 The land was acquired on December 31, 2020 by putting $60,0000 down and signing a note to pay an additional $80.000 in ten years. The note requires interest at 6% be paid cach 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 earnings for each year is after all closing entries have been made. The Note Payable requires payments of $30,000 principal 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