2015 $25,800 127,000 80,700 10,000 243,500 576,000 $819,500 2014 $20,500 94,300 56,000 4,600 175,400 540,300 $715,700 Pippin Piping Co. Comparative Balance Sheets As of December 31 Assets 2016 Cash $32,000 Accounts receivable (net) 126,860 Inventory 60,000 Prepaid expenses 11,000 Total current assets 229,860 Property & equipment (net) 668,900 Total Assets $898,760 Liabilities and Stockholders' Equity Accounts payable $53,120 Accrued expenses 11,000 Total current liabilities 64,120 Long-term debt 170,000 Total liabilities 234,120 Stockholders' Equity Common stock, $0.50 par value 6,000 Additional paid-in capital 99,000 Retained earnings 559,640 Total stockholders' equity 664,640 Total Liabilities and Stockholders' Equity $898,760 $81,200 12,240 93,440 160,000 253,440 $79,100 41,700 120,800 150,000 270,800 6,000 99,000 461,060 566,060 $819,500 5,000 62,000 377,900 444,900 $715,700 Additional information Closing stock price Shares outstanding Dividends paid per share 2016 $38 12,000 $1.32 2015 $35 12,000 $1.30 2014 $30 10,000 $1.25 Acid test ratio (Round answers to 2 decimal places, e.g. 52.75.) 2014 5.92 2015 1.74 2016 2.64 Accounts Receivable turnover (Round answers to 1 decimal places, e.g. 52.7.) 2015 T 4. times 2016 4 .5 times Average collection period (Round answers to 1 decimal places, e.g. 52.7.) 2015 1 2016 77.6 days 81.1 days Inventory turnover (Round answers to 1 decimal places, e.g. 52.7.) F 3.8) times 2016 T 4 .1 times Average days to sell inventory (Round answers to 1 decimal places, e.g. 52.7.) 2015 96.05 days 2016 T 89.02 days Click if you would like to Show Work for this question: Open Show Work