Financial ratios computed for Whittaker, Inc., include the following: Current ratio 1.6 to 1 Acid-test ratio 1.1 to 1 Debt/equity ratio 1.5 to 1 Inventory turnover 3.0 times Accounts receivable turnover 5.1 times Times interest earned 4.50 times Gross profit ratio 40 % Return on investment 6.27 % Earnings per share $ 7.84 All sales during the year were made on account. Cash collections during the year exceeded sales by $10,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $52,000 on January 1, 2017. No common stock was issued during the year. Dividends declared and paid during the year were $3,680. The balance of the inventory account was $49,005 on January 1, 2017. Interest expense on the income statement relates to the 10% bonds payable; $12,000 of these bonds were issued on May 1, 2017; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. Required: a. Complete the income statement and balance sheet for Whittaker, Inc.

Sales

Cost of goods sold

Gross profit

Operating expenses

Income from operations

Interest expense

Income before taxes

Income taxes (20%)

Net Income: __________

Current Assets:
Cash
Accounts receivable, net
Inventory
Total current assets	$150,000
Property, plant, and equipment, net
Total assets
Current liabilities
Bonds payable, 10%	60,000
Total liabilities
Stockholders equity:
Common stock, $10 par value	$20,000
Additional paid-in capital	30,000
Retained earnings
Total stockholders equity
Total liabilities and stockholders equity