Part B- Accounts from Max Company's 12/31/19 adjusted pre-closing trial balance for the 2019 fiscal year appear below: balance Sales Revenue 197,000 Property, Plant & Equipment 115,300 Cost of Goods Sold 97,000 Invento 41,500 Notes Pavable (due 12/31/23 41,000 Salaries and Wage Expense 38,900 Common Stock 35,000 Accumulated Depreciation - Equipment Retained Earnings (beginning balance) 33,000 31,000 Accounts Receivable 22,000 Rent Expense 14,100 Accounts Pavable 8,500 Cash 8,000 Prepaid Insurance 5,650 Salaries Pavable 3,700 Interest Expense 3,250 Allowance for Doubtful Accounts 2,500 Depreciation Expense 2,400 Insurance Expense 2,300 Bad Debt Expense 1,300 First classify the accounts above (asset, liability, equity, revenue, expense). Then calculate 2019 net income and determine the ending balance of retained earnings. Finally prepare a classified balance sheet (current vs long term) using the information above. Using balance sheet, answer the questions below What is the total amount reported as Current Assets as of 12/31/19? What is the total amount reported as Total Liabilities as of 12/31/19? What is the total amount report as Total Stockholders' Equity as of 12/31/19? Calculate the Debt to Equity ratio as of 12/31/19 and briefly discuss what this means. Calculate the Current Ratio as of 12/31/19 and briefly discuss what this means. 1. 2. 3. 4. 5