Dixon Sporting Goods Income Statement (Multiple-Step Format) For the Year Ended December 31, 2017 Sales Cost of goods sold Gross profit $357,500 218,300 $139,200 $ 4,200 13,750 22.000 $ 39,950 Operating expenses Selling expenses Depreciation on store furniture and fixtures Advertising Salaries and wages Total selling expenses General and administrative expenses Depreciation on buildings and amortization of trademark Salaries and wages Insurance Supplies Total general and administrative expenses Total operating expenses Income from operations $ 6,000 15,000 3,600 1,050 25,650 65,600 $ 73,600 Other revenues and expenses Interest revenue Interest expense Excess of other expenses over other revenue Income before income taxes $ 1,500 16,900 15,400 $ 58,200 Income tax expense Net income 17,200 $ 41,000 Dixon Sporting Goods Balance Sheet At December 31, 2017 ASSETS Current assets Locable 5.000 11,000 23.000 73.500 4.800 700 Prepaid Total current assets $118.000 150,000 $100,000 30.000 $150,000 60,000 $ 42.000 12.600 29.400 218,400 Investments Landheld for our office Property plant and equipment ad Buildings Accumulated detection Store furniture and tres Accumulated depreciation Total property, plant, and equipment Intangible assets Franchise agreement Total assets LIABILITIES Current liabilities Accounts payable Salaries and wages payable Income Taxes Dayable Interest payable Bank loan payable Total current liabilities 55.000 $542,400 $15.700 9.500 7,200 2.500 25,000 $ 59,900 Long-term debt Notes payable. Due December 31, 2027 Total liabilities 120,000 $179.900 STOCKHOLDERS' EQUITY Contributed capital Capital stock, $10 par, 5,000 shares issued and outstanding Paid in capital in excess of par value Total contributed capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 50.000 25 000 $ 75,000 287,500 362,500 $542,400 Assignment 9 Enter the income statement and balance sheet found in the Income Statement.JPG and Balance Sheet.JPG files on separate worksheets. You must do the following for the income statement and balance sheet: o include all of the headings o the company name, financial statement name, and data must be centered in a single merged cell with each on a separate line use formulas to calculate all of the totals and subtotals o include all of the underlines and double-underlines o all numbers must be formatted as Accounting; however, only include $ signs where they exist in Dixon's financial statements o do not include the boxes shown in the pictures O Calculate the following business formulas from chapter 10. These calculations must be on a separate worksheet (the third worksheet used in the assignment). 1. Calculate the sales to current assets ratio. 2. Calculate the gross margin percentage. 3. Calculate the sales to inventory ratio. 4. Calculate working capital. 5. Calculate the current ratio. 6. Calculate the sales to accounts payable ratio. . The order of the worksheets in the submitted assignment must be as follows: First (left): The worksheet with the business formula calculations Second (middle): The worksheet with the income statement Last (right): The worksheet with the balance sheet