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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
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.) Pepper Industries Income Statement For the Year Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (40%) Net income $ 3,700,000 52,000 Pepper Industries Balance Sheet March 31 Current assets Cash Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets Current liabilities $ 270,000 Bonds payable, 10% Total liabilities Stockholders equity Common stock, $2.60 par value Retained earnings Total stockholders' equity Total liabilities and stockholders equity
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