Please add working notes

The following data is from the Chameleon Group pro-forma budget assumptions for the year ended November 30, 2021 and is to be used to develop their pro-forma financial statements. The firm produces various forms of flavoured drinks for several small independent companies. Revenues are forecast to be $68,000,000 for the next fiscal year. The effective tax rate is 21%. You have been asked to create a Balance Sheet and a Statement of Income and Retained Earnings using the following:

Capital Assets (net)............. 5.4 times Accounts Receivable

Selling and general expenses................... 22% of Revenues

Retained Earnings Opening............... $17.947,979

Total Equity % of Total Assets.................. 42%

Current Ratio............................ 2:1

Amortization.. 15% of Capital Assets

Inventory days on hand.................. 150 days

Average collection period............... 60 days

Gross Profit Margin..................... 53%

Share Capital .................................................. 40% of Shareholder Equity

Total Assets..................................................... 1.4 times Revenue

Taxes payable as % of expense....................... 80%

Accounts payable............................................. To Be Determined

Retained Earnings Ending............................... To Be Determined

Share Capital............... To be Determined

Long-term Debt 4.5%. ................................. To Be Determined

Cash.............. To Be Determined

Dividends.. . To Be Determined

Assume a 360 day year

Prepare your Balance Sheet and Statement of Income and Retained Earnings based on the information provided above.