Your task is to work backwards, using the ratios, to fill in the missing information on the financial statements. Once you have completed the Income Statement and Balance Sheet, go to Connect and fill in the requested information.

Balance Sheet
December 31, 2021
Current Assets			Current Liabilities
Cash	$25,000.00		Accounts Payable	$280,000.00
Accounts Receivable			Notes Payable	335,000.00
Inventory			Other Current Liabilities	1,158,400.00
Other Current Assets	759,300.00
Total Current Assets			Total Current Liabilities
Net Fixed Assets			Long Term Debt
			Total Debt
			Common Stock	1,647,950.00
			Retained Earnings	770,950.00
			Total Equity
Total Assets			Total Liabilities & Shareholders' Equity

Income Statement
For the year ended December 31, 2021
Sales	$5,962,000.00
Cost of Goods Sold	3,844,520.00
Operating Expenses	1,250,560.00
Depreciation	310,850.00
EBIT	556,070.00
Interest Expense
Taxable Income
Taxes @ 30%
Net Income