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(Working with an income statement and balance sheet) Prepare a balance sheet and income statement for Kronlokken Company from the scrambled list of items shown in the popup window, a. What is the firm's net working capital and debt ratio? b. Complete a common-sized income statement and a common-sized balance sheet. c. Interpret your findings. cer Depreciation expense Cash Long-term debt Sales Accounts payable General and administrative expenses Buildings and equipment Notes payable Accounts receivable Interest expense Accrued operating expenses Common stock Cost of goods sold Inventory Taxes Accumulated depreciation Prepaid expenses Taxes payable Retained earnings $68,508 225,087 331,999 575,877 102,530 77,633 896,881 74,600 153,174 4,873 7,845 287,126 295,537 99,561 51,730 - 266,402 13,860 56,692 261,369 Complete the part of the balance sheet below: (Round to the nearest dollar. NOTE: Input the Kronlokken Company Balance Sheet ASSETS Cash $ 225,087 Accounts receivables 153,174 Inventories 99,561 13,860 Prepaid expenses Total current assets 491,682 Gross buildings and equipment Accumulated depreciation 896,881 (266,402) Net fixed assets 630,479 1,122,161 Total assets Complete the part of the balance sheet below: (Round to the nearest dollar.) Leonstop Conner Balance Sheet (Cont'd) LIABILITIES AND EQUITY 102,530 Liabilities Accounts payable Accrued operating expenses Taxes payable Notes payable 7,845 56,692 74,600 $ 241,667 Total current liabilities Long-term debt Total liabilities 331,999 $ 573,666 Equity Common stock $ 287,126 261,369 Retained earnings Total equity 548,495 $ $ Total liabilities and equity 1,122,161 Complete the income statement below: (Round to the nearest dollar. NOTE: You may input ex Kronlokken Company Income Statement Sales 575,877 295,537 280,340 77,633 68,508 Cost of goods sold Gross profits General and admin. expenses Depreciation expense Total operating expenses Operating income (EBIT) Interest expense Earnings before taxes Taxes $ 146,141 134,199 4,873 129,326 51,730 77,596 Net income Enter any number in the edit fields and then click Check Answer. 129,326 Earnings before taxes Taxes 51,730 Net income $ 77,596 a. What is the firm's net working capital and debt ratio? The net working capital is $ 250015. (Round to the nearest dollar.) The debt ratio is 51.12 %. (Round to two decimal places.) b. Complete a common-sized income statement and a common-sized balance sheet. Complete the common-sized income statement: (Round to the nearest dollar. NOTE: Common-sized Kronlokken Company Income Statement Sales $ 575,877 100.0 % Cost of goods sold 295,537 51.4 Enter any number in the edit fields and then click Check Answer omplete the common-sized income statement: (Round to the nearest dollar. NOTE: You may in Common-sized Kronlokken Company Income Statement Sales $ 575,877 100.0 % 295,537 51.4 280,340 48.6 % 13.5 % $ 77,633 Cost of goods sold Gross profits General and admin. expenses Depreciation expense Total operating expenses Operating Income (EBIT) 68,508 11.9 $ 25.4 % 146,141 134,199 $ 23.3 % Interest expense 4,873 0.8 Earnings before taxes $ 22.5 % 129,326 51,730 Taxes 9.0 Net income 77,596 13.5 % Complete this part of the common-sized balance sheet: (Round to the nearest dollar. NOTE: Input Enter animar in the ait file and then all the An Complete this part of the common-sized balance sheet: (Round to the nearest dollar. NOTE: Common-sized Kronlokken Company Balance Sheet ASSETS Cash 20.0 % Accounts receivables 225,087 153,174 99,561 13.6 Inventories 9.0 Prepaid expenses 1.0 Total current assets 13,860 491,682 896,881 44.0 % 80.0 % Gross buildings and equipment Accumulated depreciation (266,402) -23.7 Net fixed assets 630,479 56.0 % Total assets $ 1,122,161 100.0 % Complete this part of the common-sized balance sheet: (Round to the nearest dollar.) Enter any number in the edit fields and then click Check Answer. Common-sized Kronlokken Company Balance Sheet (Cont'd) LIABILITIES AND EQUITY Liabilities 74,600 % Notes payable Accounts payable Taxes payable Accrued operating expenses 102,530 56,692 7,845 Total current liabilities 241,667 % Long-term debt 331,999 573,666 $ $ % Total liabilities Equity Common stock % 287,126 261,369 Retained earnings Total equity Total liabilities and equity 548,495 % 1,122,161 % Enter any number in the edit fields and then click Check