The following information is available about the company: a. Selected financial ratios computed from the statements are shown below: Current ratio 2.30 Acid-test ratio 1.16 Accounts receivable turnover 16.0 Inventory turnover 8.0 Debt-to-equity ratio 0.880 Times interest earned ratio Earnings per share 4.00 $ 1.29 Return on total assets 8% b. All sales during the year were on account. c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change throughout the year. d. There were no changes in the number of common shares outstanding during the year. e. Selected balances at the beginning of the current year (January 1) were as follows: Accounts receivable. Inventory Total assets $ 130,000 $ 250,000 $1,170,000 Required: Compute the missing amounts on the company's financial statements. (Hint. You may find it helpful to think about the difference between the current ratio and the acid-test ratio.) (Do not round intermediate calculations.) PEPPER INDUSTRIES Income Statement Sales Cost of goods sold Gross margin For the Year Ended March 31 $ 2,800,000 Selling and administrative expenses Operating income Interest expense Net income before taxes Income taxes (40%) Net income 43,000 PEPPER INDUSTRIES Balance Sheet March 31 Current assets: Cash Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets Liabilities: Current liabilities Bonds payable, 10% Total liabilities Shareholders' equity: Common shares, 60,000 Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 230,000 $ 174,000