The following ratios have been computed for Platt Company for 2020. Profit margin 20% Times interest earned 12 times Receivables turnover 5 times Acid-test ratio 1.4 : 1 Current ratio 2.5 : 1 Debt to total assets ratio 24%

The 2020 financial statements for Platt Company with missing information follows:

PLATT COMPANY Comparative Balance Sheet December 31, Assets 2020 2019 Cash $ 25,000 $ 35,000 Short-term Investments 15,000 15,000 Accounts receivable (net) ? (6) 50,000 Inventory ? (8) 50,000 Property, plant, and equipment (net) 200,000 160,000 Total assets $ ? (9) $310,000

Liabilities and stockholders' equity Accounts payable $ ? (7) $ 25,000 Short-term notes payable 35,000 30,000 Bonds payable ? (10) 20,000 Common stock 200,000 200,000 Retained earnings 47,000 35,000 Total liabilities and stockholders' equity $ ? (11) $31PLATT COMPANY

PLATT COMPANY Income Statement For the Year Ended December 31, 2020 Net sales $200,000 Cost of goods sold 100,000 Gross profit 100,000 Expenses: Depreciation expense $ ? (5) Interest expense 5,000 Selling expenses 10,000 Administrative expenses 15,000 Total expenses ? (4) Income before income taxes ? (2) Income tax expense ? (3) Net income $ ? (1)

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