Pepper Company provided the incomplete financial statements shown below as well as the following additional information:

1. All sales during the year were on account.
2. There was no change in the number of shares of common stock outstanding during the year.
3. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year.
4. Selected balances at the beginning of the current year were:

Accounts receivable	$	110,000
Inventory	$	230,000
Total assets	$	2,049,000

e. Selected financial ratios computed from the statements below for the current year are:

Earnings per share	$	2.05
Debt-to-equity ratio		0.800
Accounts receivable turnover		20.0
Current ratio		2.10
Return on total assets		10	%
Times interest earned ratio		6.00
Acid-test ratio		1.14
Inventory turnover		8.0

Required:

Compute the missing amounts on the company's financial statements. (Hint: Whats the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.)

Pepper Industries Income Statement For the Year Ended March 31 Sales $ 2,600,000 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) 41,000 Net income Pepper Industries Balance Sheet March 31 Current assets: Cash Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets Liabilities: Current liabilities $ 210,000 Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $2.70 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity