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You are working as the finance manager for Inghams Ltd. The following data is available for the company as of 31 June 2021:
Inventory
$206,250
Interest expense
$5,000
Cash
$180,000
Net sales (all credit)
$1,500,000
Accounts receivable
$225,000
Operating expenses
$325,000
Cost of goods sold
$937,500
Accounts payable
$168,750
Prepaid insurance
$80,000
Long term liabilities
$125,000
Accrued wages
$65,000
Income taxes
35%
Fixed Assets
$340,000
Required:
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