Complete the following balance sheet using the information given. Round account balances to the nearest dollar. You are required to write down your solutions step by step, and you have opportunity to earn partial points. Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total assets Accounts payable Short-term Income Statement Sales (All Credit) $30,000 Cost of goods sold 12,000 Operating expenses Interest expense Taxes Net income 6,000 100 1,365 $2,530 payable Short-term notes payable $1,500 Long-term debt Common stock Retained earnings Total Liabilities and equity $5,000 Ratios: Return on Equity : = 15% Quick Ratio E 1.2 Return on Total Assets = Net Fixed Asset Turnover 1.6 Current Ratio = 10% 2 Average Collection Period 45 Tips: 1. Solve for common equity using ROE-Net Income/Common Equity 2. Retained Earnings = Common Equity - Common Stock 3. Net Fixed Asset Turnover -Sales/Net Fixed Assets 4