ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets TEW COMPANY Balance Sheet As of December 31 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt $ 20,000 80,000 50,000 250,000 $ 400,000 $ 40,000 60,000 130,000 Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity 100,000 10,000 60,000 $ 400,000 TEW COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses $ 500,000 200,000 $ 300,000 20,000 Fixed lease expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (35%) Net income Refer to the tables above. The firm's receivable turnover is 10,000 40,000 $ 230,000 20,000 $ 210,000 73,500 $ 136,500 Assume a 360-day calendar.