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 1.6 to 1 1.1 to 1 1.5 to 1 3.0 times 5.1 times 4.50 times 40% 6.27% $7.84 All sales during the year were made on account. Cash collections during the year exceeded sales by $10,000, and no uncollectible accounts were written off. The balance of the accounts receivable account was $52,000 on January 1, 2020. No common stock was issued during the year. Dividends declared and paid during the year were $3,680. The balance of the inventory account was $49,005 on January 1, 2020. Interest expense on the income statement relates to the 10% bonds payable; $12,000 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. WHITTAKER INC. Income Statement For the Year Ended December 31, 2020 Sales $ 228,250 Cost of goods sold 136,950 Gross profit $ 91,300 Operating expenses 59,450 Income from operations $ 31,850 Interest expense 650 Income before taxes $ 25,350 Income taxes (20%) 5,070 Net income $ 20,280 $ $ 150,000 WHITTAKER INC. Balance Sheet December 31, 2020 Current assets: Cash Accounts receivable, net Inventory Total current assets Property, plant, and equipment, net Total assets Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity Common stock, $10 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 60,000 $ 20,000 30,000