CONSTANTINE CAVAMANLIS INC BALANCE SHEETS Assets Dec. 31, 2004 Jn 1,2004Inc/Dec. Cash $ 45,000 91,000 39,000 $ 13,000 88,000 22,000 (17.000)(11,000) $32,000 Inc. 3,000 Inc 17,000 Inc. 6,000 Inc. Total $158,000$112000 Accounts payable Common stock Retained earnings s 20,000 100,000 38,000 15,000 80,000 17,000 5,000 Inc 20,000 Inc. 21,000 Inc. Total $158,000 $112,000 Net income of $44,000 was reported, and dividends of $23,000 were paid in 2004. New equipment was purchased and none was sold. Instructions Prepare a statement of cash flows for the year 2004 *. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8 20x7 Net Sales $35,000 $30,000 Cost of Goods Sold 20,000 18,000 3,000 2,800 900 Accounts Receivable 1,500 2,000 3,000 3,600 4,500 5,000 Net Income 1,000 Inventory Current Liabilities Required: Compute the following Current ratio for 20x8 Acid-test ratio for 20x8 Accounts receivable turnover for 20x8 Average collection period for 20x8 Inventory turnover for 20x8