Liabilities and Stockholders' Equity Cument abs Question & the following income statement and balance sheets for Laser Wond are provided Laser World Income Statement For the year-ended December 31, 2018 Sales revenue $2.200.000 Cost of goods sold 1500 000 Gross profit 700,000 Accounts payable $55.000 $75,000 000 7,000 income tax payable Long-temb 15,000 12,000 400,000 300.000 Stockholders' equity Common stock 200.000 200,000 202.000 0.000 Opening expenses 350,000 Depreciation expense 70.000 Loss on sale of Sand 5,000 Retained eamings Total abilities and equity $880.000 60.000 Assuming that at sans were on account, calculate the following risk for 2018 1. Receivables interest expense 25.000 Curato Income tax expense 60,000 2 Average colecion Total expenses Net income $10.000 $190,000 period A Inventary tumover 7. Dab quty vaso Laser World Balance Sheets Average days in tory Til mod rat December 31 Assets 2018 2017 Current Cash Accounts receivable Inventory $120,000 $112,000 90.000 70,000 120,000 100,000 Prepaid 10.000 10,000 Long-lam asseb Land 260.000 200,000 Equipment 350,000 210.000 Accumulated depreciation Total assets (42.000 0.000 $500.000 $660.000 (PA) BREAUX (PROERUE