Balance 12/31/19 Balance 12/31/18 $125,000 52,000 4,000 30,000 48,000 33,000 3,000 80,000 5,000 240,000 40,000 320,000 60,000 20,000 1,000 9,000 42,000 10,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation Land Security Deposit Patent Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock, ($1 Par Value) Paid in Capital Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Bad Debt Expense Interest Expense Income Tax Expense 9,000 69,000 8,000 6,000 5,000 25,000 110,000 12,000 108,000 150,000 1,000,000 600,000 165,000 60,000 16,000 20,000 10,000 14,000 30.000 2,000 38,000 130,000 6,000 54,000 90,000 The land was acquired on April 1, 2019 for cash $20,000. The additional common stock was sold on Oct 1, 2019. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $20,000 principal plus interest at 10% on December 31st of each year, 1) The Total Assets at December 31, 2019 were: A. $ 490,000 B. $ 480,000 C. $ 493,000 D. $ 497,000 E. None of the above Your Answer 2) The Operating Income was A. $ 120,000 B. $ 125,000 C. $ 128,000 D. $ 129,000 E. None of the above Your Answer 3) The EPS was A. $ 0.89 B. $ 10.63 C. $ 11.33 D. $ 8.10 E. None of the above Your Answer 4) The Total Current Liabilities at December 31, 2019 was $ 140,000 B. $ 160,000 C. $ 113,000 D. $ 133,000 E. None of the above Your Answer 5) For 2019, the average collection period was approximately A. 16.43 days B. 25.64 days C. 14.24 days D. 15.25 days E. Some other number Your