7. The following information is available on the Vanier Corporation. Assuming sales and production are steady throughout the year and a 360-day year, complete the balance sheet and income statement for Vanier Corporation.

378 Part IV Tools of Financial A n a l y s i s a n d C o n t r o l Balance Sheet, December 31,20x2 fin thousands)

Cash and marketable securities $500 Accounts payable 5 400 - ~

Accounts receivable ? Bank loan ?

Inventories -? Accruals 200 Current assets ? Current liabilities ?

Long-term debt ?

Net fixed assets ? Common stock and retained earnings 3,750 Total assets - Total liabilities and equity =?

Income Statement for 20x2 (in thousands)

Credit sales $8,000 Cost of goods sold ?

Gross profit ?

Selling and administrative expenses ?

Interest expense 400 Profit before taxes ?

Taxes, at 44% ?

Profit after taxes ?

Other information Current ratio 3 to 1 Depreciation $500 Net profit and depreciation to long-term debt .40 Net profit margin 7%

Total liabilities to net worth 1 to 1 Average collection period 45 days Inventory turnover ratio 3 to 1