QUESTION 2 Partally correct 0.06 points out of 1,00 P Flag question Key Financial Statement Relations: Balance Sheet, Income Statement, and Statement of Cash Flow Compute the missing amounts in the following financial statements. You may assume that accounts receivable relate only to credit sales and that accounts payable relate only to credit purchases of inventory. There were no sales of property and equipment during 2015 and any purchases of property and equipment were made using cash. "Hint: 2015 PPE, ne 2014 PPE, net-Depreciation expense + Purchases of PPE-sales of PPE. Compute Depreciation expense below in the Income Statement. See Statement of Cash Flow below for Purchases of PPE in 2015 Balance Sheet at Current assets Cash December 31, 2014 December 31, 2015 $25,000 Marketable securities Accounts receivable Merchandise inventory Prepaid advertising Total current assets Property, plant and equipment (PPEL nec ,000 12,000 52.000 15,000 92,000 5,000 7,000 3,000 18,000 108,000 223,000 15,000 Land 7,000 Intangible assets $258,000 $342,000 Total assets Current liabilities Accounts payable Wages payable $12.000 23,000 18,000 QUESTION 2 Partally correct 0.06 points out of 1,00 P Flag question Key Financial Statement Relations: Balance Sheet, Income Statement, and Statement of Cash Flow Compute the missing amounts in the following financial statements. You may assume that accounts receivable relate only to credit sales and that accounts payable relate only to credit purchases of inventory. There were no sales of property and equipment during 2015 and any purchases of property and equipment were made using cash. "Hint: 2015 PPE, ne 2014 PPE, net-Depreciation expense + Purchases of PPE-sales of PPE. Compute Depreciation expense below in the Income Statement. See Statement of Cash Flow below for Purchases of PPE in 2015 Balance Sheet at Current assets Cash December 31, 2014 December 31, 2015 $25,000 Marketable securities Accounts receivable Merchandise inventory Prepaid advertising Total current assets Property, plant and equipment (PPEL nec ,000 12,000 52.000 15,000 92,000 5,000 7,000 3,000 18,000 108,000 223,000 15,000 Land 7,000 Intangible assets $258,000 $342,000 Total assets Current liabilities Accounts payable Wages payable $12.000 23,000 18,000