Questions 4 (6 points) Given the following Balance Sheets and the Income Statement for Leo Construction, find out: (a) The Average Age of Accounts Receivable (b) The Average Age of Accounts Payable 12/31/2021 144,254 330,138 15,234 Leo Construction Balance Sheet For Quarters Ending 3/28/2021,6/30/2021, 9/30/2021, and 12/31/2021 Current assets 3/28/2021 6/30/2021 9/30/2021 Cash and cash equivalents 200,492 19,462 16,543 Account receivables 428,219 401,256 375,984 Costs & recog'd earnings in excess of billings 32,586 27,463 20,227 Inventories 0 0 Notes receivable 12,548 8,794 7.632 Prepaid expenses 5,621 6,121 5,012 Other current assets 11.254 8,992 9.112 Total current assets 690,720 472,088 434,510 Noncurrent assets Property, plant, and equipment 379,287 379,287 345,248 Less accumulated depreciation (56,128) (112,256) (147,623) Property, plant, and equipment, 323,159 267,031 197,625 net Other noncurrent assets 178,544 173,226 172,110 Total noncurrent assets 501,703 440,257 369,735 Total assets 1.192.423 912,345 804,245 Current liabilities: Notes payable and notes of credit 15,514 34.516 40,228 0 0 4,825 7,225 501,676 345,248 (182,990) 162,258 171,256 333,514 835,190 45,250 5,621 11.254 690,720 6,121 8,992 472,088 5,012 9,112 434.510 4,825 7,225 501,676 379,287 (56,128) 323,159 178,544 501,703 1.192.423 379,287 (112,256) 267,031 173,226 440,257 912,345 345,248 (147,623) 197.625 172.110 369,735 804,245 345,248 (182,990) 162,258 171,256 333 514 835,190 Prepaid expenses Other current assets Total current assets Noncurrent assets Property, plant, and equipment Less accumulated depreciation Property, plant, and equipment. net Other noncurrent assets Total noncurrent assets Total assets Current liabilities: Notes payable and notes of credit Accounts payable Accrued expenses Billings in excess of costs & recog'd earnings Other current liabilities Total current liabilities Long-term liabilities Total liabilities Net Worth: Common stock Retained carnings Total net worth Total liabilities and net worth 15,514 348,004 29.733 5,218 34,516 310.756 30,771 40,228 294,557 27,884 6,782 9.938 45,250 246,839 27.914 11,562 35,648 367,213 99,073 466,286 25.438 423,907 153,215 577,122 27,893 410,718 128,110 538,828 32,198 404,805 109,287 514,092 10,000 605,301 615,301 1,192,423 10,000 363,517 373,517 912,345 10,000 280.153 290,153 804.245 10,000 358,904 368,904 835,190