You are requested to reconstruct accounts of Angelo Trading for analysis. The following were available Gross margin for 2019 amounts.... P800,000 Beginning balance of Merchandise Inventory .... 250,000 Long-term liabilities consisted of Bonds Payable with interest rate of 16% Total Stockholders' Equity , Dec 31, 2019 . 1,200,000 Gross margin ratio .... 40% Debt to equity ratio . 1: 2 Times interest is earned 5 Quick ratio ......... 1.5 :1 Ratio of operating expense to sales.... 20% Inventory turnover 6 times Total current assets would amount to P 250,000 300,000 400,000 150,000