From the following information, present a Balance Sheet in good form. On the balance sheet, include: a subtotal of total current assets, a subtotal of total fixed assets, a subtotal of total current liabilities, a subtotal of total long-term liabilities, and a subtotal of total liabilities. Make sure that your balance sheet BALANCES. You will have to add a figure in the Equity Section. (You will not use all of the accounts listed here some belong on other financial statements) SALES 550,950 CASH 15,000 ACCOUNTS PAYABLE 115,600 EQUIPMENT 31,500 LONG-TERM NOTE PAYABLE 50,000 RENT 24,000 TELEPHONE 3,967 ACCOUNTS RECEIVABLE 137,200 COST OF GOODS SOLD 358,118 ACCOUNTING & LEGAL EXPENSES 4,000 DEPRECIATION EXPENSE 5,000 NOTES RECEIVABLE 5,400 INSURANCE EXPENSE 6,700 FURNITURE & FIXTURES 8,500 PAYROLL EXPENSES 83,256 EXECUTIVE SALARY 40,000 ACCRUED TAXES PAYABLE 13,800 ADVERTISING 145 INVENTORY 134,293 UTILITIES 6,840 REPAIRS 950 PREPAIDS 5,900 INTEREST PAYABLE 1,500 SALES TAX PAYABLE 1,540 SUPPLIES EXPENSE 1,410 DELIVERY & TRAVEL 3,260 MISCELLANEOUS 750 INCOME TAX 983 INTEREST EXPENSE 6,000

Compute the quality indicators related to the Balance Sheet:

1. Days Receivable (Accounts Receivable $ divided by Sales $) times 360 (days) [your answer will be in days]

2. Days Inventory (Inventory $ divided by Cost of Goods Sold $) times 360 (days) [your answer will be in days]

3. Days Payable (Accounts Payable $ divided by Cost of Goods Sold $) times 360 (days) [your answer will be in days]

4. Days Accrual (Accrued Taxes Payable $ divided by Cost of Good Sold $) times 360 (days) [your answer will be in days]

Show all of your work. Use the figures from the Balance Sheet you created.