Consider the following simplified Financial Statement Income statement Sales $32,000 Cost of sales 24,400 Net Income 7,600 Balance Sheet $1,000 Cash Accounts Receivables Inventory 5,000 Net Fixed Assets 7,500 Total Assets 15,000 $500 Accounts payables 2,000 Long term debt 2,000 Equity 12,000 Total Liabilities and Equities 15,000 Required: 1) Create a proforma Income statement (Assume a 10% growth rate) 2) Create a proforma Balance Sheet (Assume a 10% growth rate for assets and liabilities) 3) Calculate the following Ratios from the simplified financial statements above) a) Profit Margin b) Return on Assets c) Return on Equity d) Current Ratio e) Quick Ratio