Financial ratios computed for Whittaker, Inc., include the following: Current ratio 1.8 to 1 Acid-test ratio 1.3 to 1 Debt/equity ratio 3.0 to 1 Inventory turnover 2.0 times Accounts receivable turnover 5.3 times Times interest earned 4.55 times Gross profit ratio 20 % Return on investment 12.13 % Earnings per share $ 5.00 All sales during the year were made on account. Cash collections during the year exceeded sales by $12,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $54,000 on January 1, 2014. No common stock was issued during the year. Dividends declared and paid during the year were $5,344. The balance of the inventory account was $153,520 on January 1, 2014. Interest expense on the income statement relates to the 15% bonds payable; $10,000 of these bonds were issued on May 1, 2014; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. Required: a. Compute the income statement for Whittaker, Inc. (Round your answers to nearest whole dollar.)

Income Statement for the Year ended on December 31,2014

A.)

Sales:

Cost of Goods Sold:

Gross Profit:

Operating Expenses:

Income from Operations:

Interest Expense: '

Income Before Taxes:

Income Taxes (20%)

Net Income:

B.) Complete the Balance Sheet for Whittaker, Inc

Current Assets:

Cash

Accounts Receivable

Inventory

Total Current Assets - $180,00

Property, Plant, and Equipment Net

Total Assets

Current Liabilities

Bonds Payable (16%) - $62,000

Total Liabilities

Stockholder's Equity

Common Stock $4 par value - $20,000

Additional Paid in Capial - $30,000

Retained Earnings

Total Stockholder's Equity

Total Liabilities and Stockholder's Equity