11) The following information is available on the Vanier Corporation:

BALANCE SHEET AS OF DECEMBER 31, 20X6 (in thousands)

Cash and marketable securities $500 Accounts payable $ 400

Accounts receivable ? Bank loan ?

Inventories ? Accruals 200

Current assets ? Current liabilities ?

Long-term debt 2,650

Net fixed assets ? Common stock and retained earnings 3,750

Total assets ? Total liabilities and equity ?

INCOME STATEMENT FOR 20X6 (in thousands)

Credit sales $8,000

Cost of goods sold ?

Gross profit ?

Selling and administrative expenses ?

Interest expense 400

Profit before taxes ?

Taxes (44% rate) ?

Profit after taxes ?

OTHER INFORMATION

Current ratio 3 to 1

Depreciation $500

Net profit margin 7%

Total liabilities/shareholders equity 1 to 1

Average collection period 45 days

Inventory turnover ratio 3 to 1

Assuming that sales and production are steady throughout a 360-day year, complete the

balance sheet and income statement for Vanier Corporation.