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Pippin Piping Co. For the Years Esded December 3 2016 2015 2014 Sales revenue Cost of goods sold Gross margin $576,600 $523,000 $484,200 291,000 259,200 234,300 285,600 263,800 249,900 106,200 104,600 104,100 179,400 159,200 145,800 15,900 23,900 11,200 10,500 11,900 Income before income tax 190,700 164,600 157.800 Income tax expense(40%) 76,280 65,840 63,120 $114,420 $98,760 $94,680 Operating income other revenue Interest expense Net income Pippin Piping Co Comparative Balance Sheets As of December 31 2014 $32,000 $25,800 $20,500 126,860 127,000 9,300 60,000 80,700 6,000 1,000 10,000 4,600 229,860 243,500 175,400 668,900 576,000 540,300 S898.760 $819,S00 715,700 Assets 016 2015 Cash Accounts receivable (net) Inventory Prepaid expenses Total current assets Property& equipment (net) Total Assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses 53,120 $81,200 79,100 12,240 41,700 64,120 93,440 120,800 170,000 160,0OO 150,000 234,120 253440 270,800 Total current liabilities Long-term debt Total liabiities Stockholders Equity Common stock, $0.50 par value Additional paid-in capital Retained earnings ,000 6,000 000 9,000 99,000 62,000 559,640 461,060 377,900 664,640 566,060 444,900 Total stockholders' equity Total Uabilities and Stockholders Equity $898,760 $819,s00 $715,700 Additional information 2016 2015 2014 $38 $35 $30 12,000 12,000 10,000 Dividends paid per share 13 1.301.25 Closing stock price Shares outstanding Cost of goods 50.5 51.6 25.6 Total assets s6.3 Click if you would like to show work for this question: Open Show work Assess Pippin's liquidity. Working capital 2014 2015 Current ratio (Round answers to 2 decimal places, e.g.52.75) 2015 Acid test ratio (Round answers to 2 decimal places,e.g. 52.75.) 2015 Accounts Receivable turnover (Round answers to 1 decimal places e.g. 52.7.) 2015 Average collection period (Round answers to 1 decimal places, e.g 52.7.) 2015 016 Inventory turnover (Round answers to 1 decimal places, e.g. 52.7. 2015 Average days to sell inventory (Round answers to 1 decimal places 2015 016 Click if you woud like to Show Werk for this question Oen SnowWork