Below are the two most recent balance sheets and most recent income statement for Peak Industries. The company has an effective tax rate of 25%. Balance Sheet 2019 2018 Assets: Cash $10,000 $ 6,000 Accounts Receivable (net) 6,000 1,500 Inventory 8,000 10,000 Long-lived assets 12,000 11,000 Less: Accumulated depreciation (4,000) (2.000) Total assets $32,000 $26,500 Liabilities and Stockholders' Equity: Accounts payable $ 5,000 $ 6,000 Deferred revenues 1,000 2,000 Long-term note payable 10,000 10,000 Less: Discount on note payable (800) (1,000) Common stock 12,000 6,000 Retained earnings 4.800 3,500 Total liabilities and stockholders' equity $32.000 $26,500 Income Statement For the year ended December 31, 2019 Revenues $54,000 Cost of goods sold (30,000) Depreciation expense (2,000) Interest expense (3.000) Bad debt expense (2,000) Other expense (including income taxes) (9,000) Net income $ 8.000 Refer to the information for Peak Industries. Peak's accounts receivable turnover is (assume that Peak makes all sales on account): Below are the two most recent balance sheets and most recent income statement for Peak Industries. The company has an effective tax rate of 25%. Balance Sheet 2019 2018 $10,000 6,000 8,000 12,000 (4,000) $32,000 $ 6,000 1,500 10,000 11,000 (2.000) $26,500 Assets: Cash Accounts Receivable (net) Inventory Long-lived assets Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity: Accounts payable Deferred revenues Long-term note payable Less: Discount on note payable Common stock Retained camings Total liabilities and stockholders' equity $ 7,500 1,000 7,500 (800) 12,000 4.800 $32,000 $ 6,000 2,000 10,000 (1,000) 6,000 3,500 $26,500 Income Statement For the year ended December 31, 2019 Revenues Cost of goods sold Depreciation expense Interest expense Bad debt expense Other expense (including income taxes) Net income $54,000 (30,000) (2,000) (3,000) (2.000) (9,000) $ 8.000 Refer to the information for Peak Industries, Peak's current ratio is (the account "deferred revenues" is a long term liability): Below are the two most recent balance sheets and most recent income statement for Peak Industries. The company has an effective tax rate of 25%. Balance Sheet 2019 2018 Assets: Cash Accounts Receivable (net) Inventory Long-lived assets Less: Accumulated depreciation Total assets $10,000 6,000 8,000 12.000 (4,000) $32,000 $ 6,000 1,500 10,000 11,000 (2.000) $26,500 Liabilities and Stockholders' Equity: Accounts payable $ 7,000 $ 6,000 Deferred revenues 1,000 2,000 Long-term note payable 8,000 10,000 Less: Discount on note payable (800) (1,000) Common stock 12,000 6,000 Retained earnings 4.800 3,500 Total liabilities and stockholders' equity $32,000 $26,500 Income Statement For the year ended December 31, 2019 Revenues $42,000 Cost of goods sold (24,000) Depreciation expense (2.000) Interest expense (3,000) Bad debt expense (2,000) Other expense (including income taxes) (9.000 Net income $ 2.000 Refer to the information for Peak Industries. Peak's quick ratio is (Note: the account "deferred revenues" is a long term liability): Below are the two most recent balance sheets and most recent income statement for Peak Industries. The company has an effective tax rate of 25%. Balance Sheet 2019 2018 Assets: Cash $10,000 $ 6,000 Accounts Receivable (net) 6,000 1,500 Inventory 8,000 10,000 Long-lived assets 12,000 11,000 Less: Accumulated depreciation (4,000) (2.000) Total assets $32.000 $26,500 Liabilities and Stockholders' Equity: Accounts payable $ 4,600 $ 6,000 Deferred revenues 1,000 2,000 Long-term note payable 10,400 10,000 Less: Discount on note payable (800) (1,000) Common stock 12,000 6,000 Retained earnings 4,800 3,500 Total liabilities and stockholders' equity $32,000 $26,500 Income Statement For the year ended December 31, 2019 Revenues $50,000 Cost of goods sold (26,000) Depreciation expense (2,000) Interest expense (3,000) Bad debt expense (2,000) Other expense (including income taxes) (9,000) Net income $ 8,000 Refer to the information for Peak Industries. Peak's accounts payable turnover in days is: Below are the two most recent balance sheets and most recent income statement for Peak Industries. The company has an effective tax rate of 25%. Balance Sheet 2019 2018 Assets: Cash $10,000 $ 6,000 Accounts Receivable (net) 5,600 1,500 Inventory 8,400 10,000 Long-lived assets 12,000 11,000 Less: Accumulated depreciation (4.000) (2,000) Total assets $32,000 $26,500 Liabilities and Stockholders' Equity: Accounts payable $ 5,000 $ 6,000 Deferred revenues 1,000 2,000 Long-term note payable 10,000 10,000 Less: Discount on note payable (800) (1,000) Common stock 12,000 6,000 Retained earnings 4.800 3,500 Total liabilities and stockholders' equity $32,000 $26,500 Income Statement For the year ended December 31, 2019 Revenues $46,000 Cost of goods sold (24,000) Depreciation expense (2,000) (3,000) Other expense (including income taxes) (2,000) Net income (9,000) $ 6.000 Interest experise Bad debt expense Refer to the information for Peak Industries. Peak's inventory turnover is
