Case: Assume you work as a financial analyst for a well-established and reputable Canadian firm. Because you are very good with numbers and financial analysis, your boss recommended you participate in a provincial competition "Who is the best financial analyst?" which will take place in your town next month. You felt so excited about it, as it reminded you of your happy childhood when you enjoyed challenging your parents with numbers. You decided to register right away and during the registration process you found out that the first prize is $25,000. If you win the first place in this competition, you would be able to buy yourself a new car. This sounded even more attractive to you, so you decided to go for it. Next month you had a competition, and you won the first prize. Hooray! The question was about completing the balance sheet and the partial income statement based on the following financial data: Gross profit ratio = 25% Total assets turnover = 1.5 Days' sales in receivables = 36.5 days (calculation based on a 365-day year) Quick ratio = 0.8 Inventory turnover ratio = 3.75 Average payables period = 89.22 days Balance Sheet Cash Accounts Payable Accounts Receivable ? Long Term Debt $50,000 Inventory Common Stock Fixed Assets ? Retained Earnings $100,000 Total Assets $400,000 Total Liabilities and Equity ? Income Statement Sales ? Cost of Goods Sold? Required: Complete the missing information. For full marks, include formulas and provide detailed calculation steps