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The following information is available about the company a. All sales during the year were on account. b. There was no change in the number

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The following information is available about the company a. All sales during the year were on account. b. There was no change in the number of shares of common stock outstanding during the year. C. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change during the year. d. Selected balances at the beginning of the current year were: Accounts receivable Inventory Total assets $ 180,000 $ 290,000 $3,004,500 e. Selected financial ratios computed from the statements below for the current year are: Earnings per share Debt-to-equity ratio Accounts receivable turnover Current ratio Retum on total assets Times interest earned ratio Acid-test ratio Inventory turnover $ 3.29 0.800 20.0 2.70 10% 8.0 1.15 8.0 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.) $3,200,000 Pepper Industries Income Statement For the Year Ended March 31 Sales Cost of goods sold Gross margin Seling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (40%) Net income 47,000 Pepper Industries Balance Sheet March 31 Current assets: Cash Accounts receivable, net Inventory $ 200,000 Total current assets Plant and equipment, net Total assets Lailabilities: Current liabilities Bonds payable, 10% Total liabilities Stockholders equity: Common stock. $2.30 par value Retained earnings Total stockholders equity Total liabilities and stockholders equity

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