A computer problem at Mike Owjai Finance 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 $1.

b. Complete the financial statements by using formulas that refer to existing data to fill in the remaining cells.

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Mike Owjai Finance Income Statements For the Year Ended December 31, 2020 Sales Cost of Goods Gross Profit Depreciation Selling & Admin. Expense Lease Expense Earnings Before Interest & Taxes Interest Expense Earnings Before Taxes Taxes Net Income Note: Tax Rate 2020 Ratio Assets Ratio Cash Formula Accounts Receivable Inventory Total Current Assets Gross Fixed Assets 72,000 954,250 45,750 Formula Ratio Formula Formula Ratio Mike Owjai Finance Balance Sheet As of December 31, 2020 25.00% Accumulated Depreciation Net Plant & Equipment Total Assets Liabilities & Owner's Equity Accounts Payable Short-term Notes Payable Total Current Liabilities Long-term Debt Common Equity Total Liab. & Owner's Equity 2020 $35,000 Ratio 593,000 Formula 3,450,000 Formula Ratio 4,030,650 359,575 Formula Ratio Ratio Ratio Formula