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Use the financial statements of Heifer Sports Inc. to find the information below for Heifer. (Use 365 days a year. Round all answers to 2
Use the financial statements of Heifer Sports Inc. to find the information below for Heifer. (Use 365 days a year. Round all answers to 2 decimal places except $ amounts.) Income Statement 2020 Sales $ 5,650,000 Cost of goods sold 2,950,000 Depreciation 291,200 Selling and administrative expenses 1,560,000 EBIT $ 848,800 Interest expense 146,000 Taxable income $ 702,800 Taxes 315,400 Net income $ 387,400 Balance Sheet, Year-End 2020 2019 Assets Cash $ 47,300 $ 60,000 Accounts receivable 640,000 1,037,500 Inventory 475,100 721,700 Total current assets $ 1,162,400 $ 1,819,200 Fixed assets 3,024,000 4,231,000 Total assets $ 4,186,400 $ 6,050,200 Liabilities and Sto
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