Financial ratios computed for Whittaker Inc. include the following:

Current ratio 2.1 to 1

Acid-test ratio 1.5 to 1

Debt/equity ratio 2.0 to 1

Inventory turnover 4.0 times

Accounts receivable turnover 6.5 times

Times interest earned 5.40 times

Gross profit ratio 20 %

Return on investment 11.64 %

Earnings per share $ 7.99

All sales during the year were made on account. Cash collections during the year exceeded sales by $13,000, and no uncollectible accounts were written off.

The balance of the accounts receivable account was $57,000 on January 1, 2020.

No common stock was issued during the year.

Dividends declared and paid during the year were $6,602.

The balance of the inventory account was $71,300 on January 1, 2020.

Interest expense on the income statement relates to the 12% bonds payable; $10,000 of these bonds were issued on May 1, 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.

View previous attempt Financial ratios computed for Whittaker Inc. include the following: Current ratio Acid-test ratio Debt/equity ratio Inventory turnover Accounts receivable turnover Times interest earned Gross profit ratio Return on investment Earnings per share 2.1 to 1 1.5 to 1 2.0 to 1 4.0 times 6.5 times 5.40 times 20% 11.64% $ 7.99 All sales during the year were made on account. Cash collections during the year exceeded sales by $13,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $57,000 on January 1, 2020. No common stock was issued during the year. Dividends declared and paid during the year were $6,602. The balance of the inventory account was $71,300 on January 1, 2020. Interest expense on the income statement relates to the 12% bonds payable; $10,000 of these bonds were issued on May 1, 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. Required: a. Complete the income statement and balance sheet for Whittaker Inc. WHITTAKER INC. Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Groes profit Operating expenses Ircome from operations Interest experse Income before taxes Income taxes (25%) Net income S 210003 WHITTAKER INC. Balance Sheet December 31, 2020 Current assets: Cash Accounts receivable, not Inventory Total current assets Propery, plant, and equipment, net Total assets Current liabilities Bords payable 12% Total liabilties Stockholders' aquity: Comman stock. $4 par value Additional pald-in capital Retired amings Total stockholders' equity Total abilities and stockholders equity 79,000 V 15.000 22.500 View previous attempt Financial ratios computed for Whittaker Inc. include the following: Current ratio Acid-test ratio Debt/equity ratio Inventory turnover Accounts receivable turnover Times interest earned Gross profit ratio Return on investment Earnings per share 2.1 to 1 1.5 to 1 2.0 to 1 4.0 times 6.5 times 5.40 times 20% 11.64% $ 7.99 All sales during the year were made on account. Cash collections during the year exceeded sales by $13,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $57,000 on January 1, 2020. No common stock was issued during the year. Dividends declared and paid during the year were $6,602. The balance of the inventory account was $71,300 on January 1, 2020. Interest expense on the income statement relates to the 12% bonds payable; $10,000 of these bonds were issued on May 1, 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. Required: a. Complete the income statement and balance sheet for Whittaker Inc. WHITTAKER INC. Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Groes profit Operating expenses Ircome from operations Interest experse Income before taxes Income taxes (25%) Net income S 210003 WHITTAKER INC. Balance Sheet December 31, 2020 Current assets: Cash Accounts receivable, not Inventory Total current assets Propery, plant, and equipment, net Total assets Current liabilities Bords payable 12% Total liabilties Stockholders' aquity: Comman stock. $4 par value Additional pald-in capital Retired amings Total stockholders' equity Total abilities and stockholders equity 79,000 V 15.000 22.500