A Presented here are an incomplete income statement and balance sheet for Schwenke Corporation $ (a) (b) SCHWENKE CORPORATION Income Statement Year Ended December 31, 2017 Net sales Cost of goods sold Gross profit Operating expenses Profit from operations Interest expense Profit before income taxes Income tax expense Profit 333,750 (d) 10,500 $124,600 Problems: Set B sed to SCHWENKE CORPORATION Balance Sheet December 31, 2017 ounts to be 7.500 your rofit the Assets Current assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Shareholders' Equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 120,000 (m) 250,000 400,000 650,000 Additional information: 4. The current ratio is 3:1. 5. The asset turnover is 1.5 times, 1. The gross profit margin is 40%. The income tax rate is 20%. * The inventory turnover is 8 times. Instructions Calculate the missing in e missing information using the ratios. Use ending balances instead of average balances whe et required for ratio calculations. Show your calculations TAKING IT FURTH OTHER Why is it not possible to calculate the missing amounts in the same su c), etc.) that they are presented above! Problems: Set B