Consider the following simplified FinancialStatement

Income statement

Sales$32,000

Cost of sales24,400

Net Income7,600

Balance sheet

Cash$500 account receivable 1000

Accounts Receivables2,000 long term debt 2000

Inventory5,000 equity 12000

Net Fixed Assets7,500 Total liabilities and Equities 15000

TotalAssets15,000

Required:

1. A proforma Income statement(Assume a 10% growth rate)
2. A proforma BalanceSheet (Assume a 10% growth rate for assets and liabilities)
3. Calculate the following Ratiosfrom the simplified financial statements above):
4. Profit Margin
5. Return onAssets
6. Return onEquity
7. Current Ratio
8. Quick Ratio