Summer 2020 Q-1: As you can see, someone has spilled ink over some of the entries in the balance sheet and income statement of Transylvania Railroad. Can you use the following information to work out the missing entries? 6 December 2015 December 2014 Balance Sheet Cash 20 Accounts receivable 34 Inventory 26 Total current assets 80 Fixed assets (net) 25 Total 105 Notes payable 25 20 Accounts payable 30 35 Total current liabilities 55 Long-term debt 20 Equity 30 Total 115 105 Income Statement Sales Cost of goods sold Selling, general and administrative expenses 10 Depreciation 20 EBIT **+ Interest Earnings before tax **+ Tax Earnings available for common stock Long-term debt ratio: 0.4. Times-interest-earned: 8.0. Current ratio: 1.4 Quick ratio: 1.0. Cash ratio: 0.2 Inventory turnover: 5.0 Average collection period: 73 days. Tax rate=0.4