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 thebeginningof the current year were:

Accounts receivable$150,000Inventory$270,000Total assets$1,665,000

e.Selected financial ratios computed from the statements below for the current year are:

Earnings per share$2.70Debt-to-equity ratio0.800Accounts receivable turnover15.0Current ratio2.50Return on total assets10%Times interest earned ratio6.0Acid-test ratio1.18Inventory turnover7.0

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.)

Chrome File Edit View History Bookmarks People Tab Window Help 7 66% Thu 7:16 PM Q Q ... willin W13 Application Problem: Chap X SW13 Application Problem: Chap x C Get Homework Help With Cheg x + C A ezto.mheducation.com/hm.tpx Sales $ 3,000,000 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense 45.000 Net income before taxes Income taxes (40%) Net income 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 $ 250,000 Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $2.50 par value Retained earnings Total stockholders' equity Total liabilities and stockholders equity JUL 16 w X N O P E A s tv 9