Consider the following simplified Financial Statement Income statement Sales $32.000 Cost of sales 24,400 Net Income 7,600 Balance Sheet Cash S500 Accounts payables Accounts Receivablen $1,000 2,000 Long term debt Inventory 2,000 5,000 Equity Net Fixed Assets 12,000 7.500 Total Assets Total Liabilities and Equities 15,000 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 Marain 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