A computer problem at Southglenn Photography Studios has resulted in incomplete financial statements. Management of the company has asked you to see if you can fill in the missing data.

a. Recreate the financial statements as shown using formulas with the ratios given below to fill in the cells with the word "Ratio." Use the ROUND function to round each of these answers to the nearest $ 10.
Ratio Value
Current Ratio €¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦.. 0.898550
Inventory Turnover* €¦€¦€¦€¦€¦€¦€¦€¦.. 2.109890
A/R Turnover €¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. 10.000000
Fixed Asset Turnover €¦€¦€¦€¦€¦€¦€¦€¦. 1.818180
LTD To Equity €¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ 0.395350
Times Interest Earned €¦€¦€¦€¦€¦€¦€¦€¦. 2.786890
Net Profit Margin €¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ 0.047688
Return on Total Assets €¦€¦€¦€¦€¦€¦€¦€¦ 0.050870
Return on Equity €¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ 0.131440
* Uses Cost of Goods Sold in numerator.
b. Complete the financial statements by using formulas that refer to existing data to fill in the remaining cells.

Transcribed Image Text:

Southglenn Photography Studios Southglemi Photography Studios Income Statement Balance Sheet For the Year Ended December 31,2014 As of December 31,2014 2014 Ratio Assets Ratio Cash 2014 Sales Cost of Goods Sold Gross Profit Operating Expenses Earnings Before Interest and Taxes Interest Expense Earnings Before Taxes 1,500 Ratio 136,500 Formula 378,000 Formula Ratio 450,000 Formula Accounts Receivable 141,000 Inventories Formula Total Current Assets Ratio Gross Fixed Assets Formula Accumulated Depreciation Formula Net Fixed Assets laxe3 Net Income Ratio Total Assets Liabilities and Owner's Equity Accounts Payable Short-tem BankNotes Notes: Tax Rate 30% Total Current Liablities Long-term Debt Common Equity Total Liabilities and Owner's Equity 66,000 Formula Ratio Ratio Ratio Formula