Please answer within 45 minutes, timed question

1. value: 10.00 points The following information is available about the company: a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year. d. Selected balances at the beginning of the current year were: $ 140,000 $ 260,000 $1,160,000 Accounts receivable Inventory Total assets e. Selected financial ratios computed from the statements below for the current ear are: $ 2.64 Earnings per share Debt-to-equity ratio Accounts receivable turnover 0.850 16.0 2.40 Current ratio Return on total assets 10% Times interest earned ratio 5.0 Acid-test ratio 1.17 Inventory turnover 8.0 Required: Compute the missing amounts on the company's financial statements. (Hint: What's the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.) Income Statement For the Year Ended March 31 $ 2,900,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense 44,000 Net income before taxes Income taxes (40%) 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 240,000 Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $3.00 par value Retained earnings Total stockholders' equity Total liabilities and stockholders equity