Please help to solve for 2020 actuals Acme Corporation Income Statement for the Year Ended December 31,

Please help to solve for 2020 actuals

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Acme Corporation Income Statement for the Year Ended December 31, 2020 Sales revenue $ 160,000 Less: Cost of goods sold 106,000 Gross profits $ 54,000 Less: Operating expenses Selling expense $ 16,000 General and administrative expenses 10,000 Lease expense 1,000 Depreciation expense 10,000 Total operating expense $ 37,000 Operating profits Less: Interest expense Net profits before taxes $ 17,000 6,100 $ 10,900 Less: Taxes Net profits after taxes 4,360 $ 6,540 Acme Corporation Balance Sheet December 31, 2020 Assets Cash Marketable securities Accounts receivable $ 500 1,000 25,000 Inventories Total current assets Land 45,500 $ 72,000 $ 26,000 Buildings and equipment 90,000 Less: Accumulated depreciation 38,000 Net fixed assets $ 78,000 Total assets $ 150,000 Liabilities and Stockholders' Equity Accounts payable $ 22,000 Notes payable 47,000 Total current liabilities $ 69,000 Long-term debt 22,950 Common stock" 31,500 Retained earnings 26,550 Total liabilities and stockholders' equity $ 150,000 "The firm's 3,000 outstanding shares of common stock closed 2020 at a price of $25 per share. a. Use the preceding financial statements to complete the table below. Assume that the industry averages given in the table are applicable for both 2019 and 2020. Acme Corporation Income Statement for the Year Ended December 31, 2020 Sales revenue $ 160,000 Less: Cost of goods sold 106,000 Gross profits $ 54,000 Less: Operating expenses Selling expense $ 16,000 General and administrative expenses 10,000 Lease expense 1,000 Depreciation expense 10,000 Total operating expense $ 37,000 Operating profits Less: Interest expense Net profits before taxes $ 17,000 6,100 $ 10,900 Less: Taxes Net profits after taxes 4,360 $ 6,540 Acme Corporation Balance Sheet December 31, 2020 Assets Cash Marketable securities Accounts receivable $ 500 1,000 25,000 Inventories Total current assets Land 45,500 $ 72,000 $ 26,000 Buildings and equipment 90,000 Less: Accumulated depreciation 38,000 Net fixed assets $ 78,000 Total assets $ 150,000 Liabilities and Stockholders' Equity Accounts payable $ 22,000 Notes payable 47,000 Total current liabilities $ 69,000 Long-term debt 22,950 Common stock" 31,500 Retained earnings 26,550 Total liabilities and stockholders' equity $ 150,000 "The firm's 3,000 outstanding shares of common stock closed 2020 at a price of $25 per share. a. Use the preceding financial statements to complete the table below. Assume that the industry averages given in the table are applicable for both 2019 and 2020.