Question 1 Marks 10 Assets Liabilities and Owners Equity Cash $ 55000 Notes payable $ 40,000 Account Receivables 155000 Accounts payable 110,000 Inventory 270,000 Long term liabilities 330,000 Prepaid expenses 60,000 Capital stock $5 par value 300,000 Plant and equipment 570,000 Retained earnings 420,000 Other assets 90,000 Total $ 1200,000 Total $ 1200,000 During the year company ended gross profit of 1,116000 on sales of 2790,000. Accounts receivables, inventory, and plant assets remained unchanged throughout the year. Compute following: a) Current ratio b) Quick ratio c) Working capital d) Debt ratio e) Inventory turnover