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Financial ratios computed for Whittaker Inc, Include the following: - All sales during the year were made on account. Cash collections during the year exceeded
Financial ratios computed for Whittaker Inc, Include the following: - All sales during the year were made on account. Cash collections during the year exceeded sales by $28,000, and no uncollectible accounts were witten off. - The balance of the accounts recelvable account was $114,000 on January 1, 2020. - No common stock was issued during the year. - Dividends declared and paid during the year were $15.200. - The balance of the inventory account was $96,000 on January 1,2020. - Interest expense on the income statement relates to the 15% bonds payable: $20.000 of these bonds were issued on May 2 . 2020 : the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. Required: a. Complete the income statement and balance sheet for Whittaker Inc. \begin{tabular}{|l|l|} \hline & WHITTAKER INC. \\ \hline Balance Sheet & December 31,2020 \\ \hline Current assets: & \\ \hline Cash & \\ \hline Accounts receivable, net & \\ \hline Inventory & \\ \hline Total current assets & \\ \hline Property, plant, and equipment, net & \\ \hline Total assets & \\ \hline Current liabilities & \\ \hline Bonds payable, 15% & \\ \hline Total liabilities & \\ \hline Stockholders' equity: & \\ \hline Common stock, $2 par value & \\ \hline Additional paid-in capital & \\ \hline Retained earnings & \\ \hline Total stockholders' equity & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular}
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