PROBLEM D Using the following information, fill in the balance sheet below, and then answer questions 16-20 Slate Co. began operation on January 1, 2013. On January 1, 2013 the company purchased $400,000 of Equipment. Slate has not purchased any additional equipment since this initial purchase nor have they sold any equipment. This equipment is being depreciated on a straight-line basis to a $50,000 salvage value over an estimated depreciable life of 10 years. The following is a list of some of the income statement accounts (for the period January 1, 2018 to December 31, 2018), some of the balance sheet accounts (on December 31, 2018) and a few financial ratios for Slate Co. (for the year ending December 31, 2018). Sales = 800,000 Acct. Payable Days = 30 Current ratio = 2.75 Notes payable = 25,000 Average collection period = 45 days Dividends paid = 12,000 Tax rate = 30% Gross profit margin = 25% Debt ratio = 40% Inventory turnover ratio = 4 Interest expense = 20,000 ROA = 10% Operating expenses (excluding depreciation) = $90,000 NOTES: In 2018, 40% of Slate Company sales were on credit; the remainder were cash sales. The average collection period was calculated using a 360-day year. Use COGS/Inventory for inventory turnover ratio formula. Retained earnings as of December 31, 2017 = $120,000. Slate Co. Balance Sheet For the Year ending December 31, 2018 Cash Notes payable Accounts receivable Accounts payable Inventory Current liabilities