4. Financial statement construction via ratios. Incomplete financial statements of Lock Box, Inc., are presented below. LOCK BOX, INC. Income Statement For the Year Ended December 31, 19X3 Sales $ ? Cost of goods sold ? Gross profit $15,000,000 Operating expenses & interest ? Income before tax $ ? Income taxes, 40% ? Net income $ ? LOCK BOX, INC. Balance Sheet December 31, 19X3 Assets Cash Accounts receivable Inventory Property, plant, &. equipment Total assets $ ? ? ? 8,000,000 $24,000,000 Liabilities & Stockholders' Equity Accounts payable Notes payable (short-term) Bonds payable Common stock Retained earnings Total liabilities & stockholders' equity $ ? 600,000 4,600,000 2,000,000 ? $24,000,000 Further information: 1. Cost of goods sold is 60% of sales. All sales are on account. 2. The company's beginning inventory is $5 million; inventory turnover is 4. 3. The debt to total assets ratio is 70%. 4. The profit margin on sales is 6%. 5. The firm's accounts receivable turnover is 5. Receivables increased by $400,000 during the year