The following ratios have been computed for Mamboleo Company for 2018

Profit margin 12.5%

Times interest earned 8 times

Receivables turnover 4 times

Acid-test ratio 2: 1

Current ratio 3: 1

Debt to assets ratio 20%

Mamboleo Companys 2017 financial statements with missing information follow:

MAMBOLEO COMPANY

Comparative Statement of Financial Position

December 31,

Assets 2018 2017

Cash........................................................................................... sh. 30,000 sh. 45,000

Short-term Investments........................................................... 10,000 25,000

Accounts receivable (net)........................................................ ? (6) 40,000

Inventory.................................................................................... ? (8) 50,000

Property, plant, and equipment (net)..................................... 200,000 160,000

Total assets........................................................................ sh. ? (9) sh.320,000

Liabilities and stockholders' equity

Accounts payable..................................................................... sh. ? (7) sh. 30,000

Short-term notes payable........................................................ 40,000 35,000

Bonds payable.......................................................................... ? (10) 20,000

Common stock........................................................................... 220,000 200,000

Retained earnings.................................................................... 60,000 35,000

Total liabilities and stockholders' equity........................ sh. ? (11) sh.320,000

MAMBOLEO COMPANY

Income Statement

For the Year Ended December 31, 2018

Net sales...................................................................................... sh.200,000

Cost of goods sold....................................................................... 75,000

Gross profit.................................................................................. 125,000

Expenses:

Depreciation expense............................................................ sh. ? (5)

Interest expense.................................................................... 5,000

Selling expenses.................................................................... 8,000

Administrative expenses........................................................ 12,000

Total expenses................................................................ ? (4)

Income before income taxes....................................................... ? (2)

Income tax expense.............................................................. ? (3)

Net income.................................................................................. sh. ? (1)

Required

Use the above ratios and information from the Mason Company financial statements to fill in the missing information on the financial statements. Follow the sequence indicated. Show computations that support your answers.