Question: I'm having a hard time completing the income statement and balance sheet below. Some of the answers, I've already successfully calculated. Financial ratios computed for
I'm having a hard time completing the income statement and balance sheet below. Some of the answers, I've already successfully calculated.


Financial ratios computed for Whittaker Inc. include the following: Current ratio Acid-test ratio Debt/equity ratio Inventory turnover Accounts receivable turnover Times interest earned Gross profit ratio Return on investment Earnings per share 1.9 to 1 1.4 to 1 2.0 to 1 3.6 times 5.4 times 4.60 times 40% 7.178 $3.40 All sales during the year were made on account. Cash collections during the year exceeded sales by $13,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $55,000 on January 1, 2020. No common stock was issued during the year. Dividends declared and paid during the year were $2,228. The balance of the inventory account was $37,300 on January 1, 2020. Interest expense on the income statement relates to the 10% bonds payable; $12,000 of these bonds were issued on May 1, 2020; 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. Answer is not complete. WHITTAKER INC. Income Statement For the Year Ended December 31, 2020 Sales $ 261,900 Cost of goods sold 157,140 Gross profit $ 104,760 Operating expenses Income from operations Interest expense 5,900 Income before taxes Income taxes (20%) Net income
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