Homework: Chapter 5 Homework Score: 0 of 2 pts Problem 5-4 (similar to) Consider the financial statements for Ace Inc. E. Estimate the age of accounts payable for each year. The age of accounts payable for year 1 is days. (Round to one decimal place.) Data Table Ace Inc. Income Statements (5000s) Year 1 Sales $250,840 Cost of goods sold 165,540 Gross margin 85,300 Selling & admin expenses 68,010 Depreciation 13,660 Operating income 3,630 Interest expense 930 Profit before tax 2,700 Income tax (at 35%) 945 Net income $1.755 Year 2 $290,150 172,750 117,400 75,360 13.760 28,280 760 27,520 9,632 $17,888 Common dividend paid $1,070 $1,070 Ace Inc. Balance Sheets at December 31 (5000s) Year 1 Year 2 Cash $2,390 $3,828 Accounts receivable 29,410 32,050 Inventories 17.110 20,580 Total current assets 48,910 56,458 Net property & equipment 20,520 23,450 Total assets $69,430 $79,908 Notes payable: bank Accounts payable Total current liabilities Long-term debt Common equity Total abilities and equity $20,480 13,190 33,670 22,730 13,030 $69,430 $12.980 16.770 29,750 20,310 29,848 $79,908