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Question #1 (55 marks) The following data are available in your financial analysis task; Current ratio A/R turnover ratio A/R, Beginning ROE (= NI/TE) Sales for the year (all on credit) Days' sales in inventory Gross profit on sales Expenses (excluding CGS) TL/TE Noncurrent assets 2 16 $50.000 20% $1,000,000 36 days 50% $450,000 1 $300,000 Required: Construct the December 31, Year 2 balance sheet for your analysis. All data are as of December 31. Year 2, unless otherwise indicated. That is, complete the balance sheet below. Assume 360 days in a year. Show your work. Balance Sheet (December 31, Year 2) Assets Current assets Cash A/R Inventory Noncurrent assets Total arreto ? ? ? $300,000 2 Gross profit on sales Expenses (excluding CGS) TL/TE Noncurrent assets 50% $450,000 1 $300,000 Required: Construct the December 31, Year 2 balance sheet for your analysis. All data are as of December 31. Year 2, unless otherwise indicated. That is, complete the balance sheet below. Assume 360 days in a year. Show your work. Balance Sheet (December 31, Year 2) Assets Current assets Cash A/R Inventory Noncurrent assets Total assets ? ? ? $300,000 ? ? ? Liabilities and Equity Current liabilities Noncurrent liabilities Equity Total liabilities and equity