Creating Financial Statements From Ratios. Assume that net income was \(\$ 6,000\). No other information is known, except the following:

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Using the preceding ratios, construct an income statement and a balance sheet with as much detail as possible.

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Return on equity.. 10% Return on sales 4% Gross margin percentage 60% Income tax rate 40% Current ratio. 3:1 Return on assets 5% Inventory turnover. 4 Days sales in receivables 90 Long-term debt to equity 2:3