Cash Accounts Receivable Inventory Total Current Assets Net Fixed Assets Total Assets Balance Sheet Cole Eagan Enterprises December 31, 2013 $4,500 Accounts Payable Notes Payable Accruals Total Current Liabilities Long-Term Debt Stockholders' Equity Total Liabilities & S.E. Information (2013 values) 1. Sales totaled $110,000 2. The gross profit margin was 25 percent. 3. Inventory turnover was 3.0. 4. There are 360 days in the year. 5. The average collection period was 65 days. 6. The current ratio was 2.40. 7. The total asset turnover was 1.13. 8. The debt ratio was 53.8 percent. 3. Inventory for CEE in 2013 was. (See Table 3.1 4. Notes payable for CEE in 2013 was (See Table 3.1) 5. Accounts receivable for CEE in 2013 was (See Table 3.1) 6. Net fixed assets for CEE in 2013 were (See Table 3.1) 7. Total assets for CEE in 2013 were (See Table 3.1) 8. Long-term debt for CEE in 2013 was (See Table 3.1) $10,000 1,000 Use the following information to answer the questions. A company reports the following on its balance sheet: • Cash: $10,000 . Accounts receivable: $20,000 • Inventory: $14,000 Prepaid expenses: $3,000 • Property, plant, and equipment: $35,000 • Accumulated depreciation: $2,000 . Accounts payable: $5,000 • Accrued expenses: $6,000 • Short-term notes: $7,000 . Long-term notes: $10,000 • Capital stock: $40,000 . Retained earnings: $12,000 1. What are the company's total liabilities? 2. What is the company's total equity?