Assets cash $ 20,000 accounts receivable 80,000 inventory 50,000 net plant and equipment 250,000 total assets $ 400,000 liabilities and stockholders’ equity accounts payable $ 40,000 accrued expenses 60,000 long-term debt 130,000 common stock 100,000 paid-in capital 10,000 retained earnings 60,000 total liabilities and stockholders’ equity $ 400,000 tew company income statement for the year ended december 31 sales (all on credit) $ 500,000 cost of goods sold 200,000 gross profit $ 300,000 sales and administrative expenses 20,000 fixed lease expenses 10,000 depreciation 40,000 operating profit $ 230,000 interest expense 20,000 profit before taxes $ 210,000 taxes (35%) 73,500 net income $ 136,500 refer to the tables above. the firm's receivable turnover is assume a 360-day calendar.