$19)(2$ points$)$ Your boss found out that you are an accounting whiz and needs you to calculate some figures. Review the Income Statement and Balance Sheet for XYZ Corporation, then fill in the blanks. Here is some information to help you:

The Company$$s Cost of Goods Sold is $40\%$

XYZ pays $30\%$ of its income in taxes

Inventory turnover is $3\mathrm{.}0$

Income Statement

Revenue $$450,000$

Cost of Goods Sold $$\_\_\_\_\_\_$

Gross Profit $

Operating Expenses $$38,000$

Operating Income $

Interest Expense $$2,000$

Income Before Taxes $

Income Tax Expense $$\_\_\_\_\_\_$

Net Income $

Balance Sheet

Assets

Cash $

Accounts Receivable $$60,000$

Inventory $

PPE $$200,000$

Total Assets $

Liabilities

Accounts Payable $$100,000$

Long Term Debt $$\_\_\_\_\_\_\_$

Total Liabilities $$325,000$

Stockholders Equity $$20,000$