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I. Fill in the blanks. Cash P 30,000 P 120,000 Accounts Payable Notes Payable Marketable Securities 25,000 Accrued Wages 20,000 Accounts Receivable Total Current Liabilities Inventories Long-Term Debt Total Current Assets Total Liabilities Net Fixed Assets 600,000 TOTAL ASSETS Stockholder's Equity TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY The following financial data for 2016 are also available: 1. Sales totaled P1,800,000.00 2. The gross profit margin was 25% 3. Inventory turnover was 6.0 (use COGS/Ave. inventory formula) 4. There are 360 days in a year. 5. The average collection period was 40 days 6. The current ratio was 1.60 7. The total asset turnover ratio was 1.20. 8. The debt ratio was 60 percent. IV. Horizontal Analysis. Consider the following 2018 and 2019 income statements of Legaspi Company, then express them in common size percentages. Round percentages to one decimal point. Comment briefly on the changes between two years. LEGASPI COMPANY Income Statements For the Years Ended December 31, 2018 and 2019 2019 600,000 420,000 180,000 2018 500,000 331,000 169,000 Sales Cost of goods sold Gross Margin Operating expenses Selling expenses Administrative expenses Total operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 87,000 46,800 133,800 46,200 1,200 45,000 13,500 31,500 72,500 51,00 123,500 45,500 1,500 44,000 13,200 30,800