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(Working with an income statement and balance sheet) Prepare a balance sheet and income statement for Kronlokken Company from the scrambled list of items shown in the popup window, a. What is the firm's net working capital and debt ratio? b. Complete a common-sized income statement and a common-sized balance sheet. c. Interpret your findings. Depreciation expense Cash Long-term debt Sales Accounts payable General and administrative expenses Buildings and equipment Notes payable Accounts receivable Interest expense Accrued operating expenses Common stock Cost of goods sold Inventory Taxes Accumulated depreciation Prepaid expenses Taxes payable Retained earnings $68,508 225,087 331,999 575,877 102,530 77,633 896,881 74,600 153,174 4,873 7,845 287,126 295,537 99,561 51,730 - 266,402 13,860 56,692 261,369 Complete the part of the balance sheet below: (Round to the nearest dollar. NOTE Kronlokken Company Balance Sheet ASSETS Cash $ 225,087 Accounts receivables 153, 174 Inventories Prepaid expenses 99,561 13,860 491,682 Total current assets Gross buildings and equipment Accumulated depreciation $ $ 896,881 (266,402) Net fixed assets 630,479 $ $ Total assets 1,122,161 Complete the part of the balance sheet below: (Round to the nearest dollar.) Kuanlellan Comannu LIABILITIES AND EQUITY Liabilities Accounts payable $ 102,530 7,845 Accrued operating expenses Taxes payable Notes payable 56,692 74,600 241,667 Total current liabilities Long-term debt 331,999 Total liabilities $ $ 573,666 Equity Common stock Retained earnings $ 287,126 261,369 Total equity 548,495 Total liabilities and equity $ 1,122,161 Complete the income statement below: (Round to the nearest dollar. NOTE: You may Kronlokken Company Income Statement Sales 575,877 295,537 280,340 Cost of goods sold Gross profits General and admin. expenses Depreciation expense $ 77,633 68,508 $ 146,141 Total operating expenses Operating income (EBIT) $ 134,199 Interest expense 4,873 Earnings before taxes Taxes 129,326 51,730 77,596 Net Income c. Interpret your findings. Net income 77,596 a. What is the firm's net working capital and debt ratio? The net working capital is $ 250015. (Round to the nearest dollar.) The debt ratio is 51.12 %. (Round to two decimal places.) b. Complete a common-sized income statement and a common-sized balar Complete the common-sized income statement: (Round to the nearest doll Common-sized Kronlokken Company Income Statement Sales $ 575,877 Cost of goods sold 295,537 Gross profits $ 280,340 b. Complete a common-sized income statement and a common-sized balance sheet. Complete the common-sized income statement: (Round to the nearest dollar. NOTE: You may input Common-sized Kronlokken Company Income Statement Sales $ 575,877 100.0 % 295,537 51.4 280,340 48.6 % 13.5 % $ 77,633 68,508 11.9 Cost of goods sold Gross profits General and admin. expenses Depreciation expense Total operating expenses Operating income (EBIT) Interest expense Earnings before taxes 146,141 25.4 % $ 134,199 23.3 % 4,873 0.8 129,326 22.5 % Taxes 51.730 9.0 77,596 Net income 13.5 % Enter any number in the edit fields and then click Check