Use the following information to answer the above questions

1 How much working capital does XYZ Company have at 12/31/2018? 2 What is XYZ's current ratio? 3 Was XYZ's bonds issued at a premium or a discount? 4 How much was in the allowance for doubtful accounts before the $22,900 bad debt adjusting entry? XYZ Company, Inc. Income Statement For the Year Ended December 31, 2018 Sales $ 2,150,000 Sales revenue Less: Sales returns and allowances $26,800 17,500 Sales discounts 44,300 2,105,700 1,050,000 1,055,700 Net sales Cost of goods sold Gross profit Operating expenses Salaries and wages expense Depreciation expense Advertising expense Utilities expense Bad debt expense Supplies expense Freight-out 352,000 186,000 34,000 12,800 22,900 15,600 7,500 630,800 424,900 Total operating expenses Income from operations Other revenues and gains Interest revenue 10,800 45,000 Gain on sale of equipment 55,800 Other expenses and losses 46,900 52,000 Interest expense Loss on sale of building 98,900 $381,800 Net income XYZ Company, Inc. Retained Earnings Statement For the Year Ended December 31,2018 $ 269,700 381,800 651,500 (220,200) $ 431,300 Retained earnings, January 1 Add: Net income Less: Dividends Retained earnings, December 31 XYZ Company, Inc. Balance Sheet December 31, 2018 Assets Current assets 152,600 Cash Accounts receivable Less: Allowance for doubtful accounts Merchandise inventory Supplies Prepaid insurance 199,000 (38,200) (38.200 160,800 116,200 12,500 28,600 $470,700 Total current assets Property, plant, and equipment Land Building Less: Accumulated depreciation-building Equipment Less: Accumulated depreciation-equipment (186,000 501,500 1,941,500 1,000,000 780,000 (340,000) 440,000 687,500 2,412,200 Total assets Liabilities and Stockholders' Equit Current liabilities $168,000 88,900 29,600 19,200 10,200 Notes payable (line of credit) Accounts payable Unearned revenue Salaries and wages payable Current Maturities of Long Term Mortgages 315,900 Total current liabilities Long-term liabilities Mortgage payable Bonds Payable Less: Discount on Bonds Payable 480,000 600,000 (15,000) 585,000 Total Long-term Liaiblities 1,065,000 1,380,900 Total liabilities Stockholders' equity Common stock 600,000 431,300 Retained earnings 1,031,300 Total stockholders' equity Total liabilities and stockholders' equity