Question: fRequired: Compute the missing amounts on the company's financial statements. (Hint. What's the difference between the acid-test ratio and the current ratio?) (Do not round


\fRequired: Compute the missing amounts on the company's financial statements. (Hint. What's the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.) Pepper Industries Income Statement For the Year Ended March 31 Sales $ 3,000,000 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense 45,000 Net income before taxes Income taxes (40%) Net income Pepper Industries Balance Sheet March 31 Current assets: Cash Accounts receivable, net Inventory Total current assets Plant and equipment, net Total assets Liabilities: Current liabilities $ 250,000 Bonds payable, 10% Total liabilities Stockholders equity: Common stock, $2.50 par value Retained earnings Total stockholders' equity Total liabilities and stockholders equity
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