estion 5 The following information pertains to Lance Company. Assume that all balance sheet amounts represent both average and ending balance figures Assume that all

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estion 5 The following information pertains to Lance Company. Assume that all balance sheet amounts represent both average and ending balance figures Assume that all sales were on credit Assets Cash and short-term investments Accounts receivable (net) 45.000 25,000 20,000 Property, plant and equipment 210.000 Total Assets 300,000 Liabilities and Stockholders Equlity 5 50000 Current liabilities Long-term liabilities Stockholders' equity -common Total Liabilities and Stockholders Equity $30 000 90,000 160.000 s 120,000 Sales Cost of goods sold Gross margn Operating espenses 54.000 8 5 6