Financial ratios computed for Whittaker Inc. include the following: ipped 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 1.5 to 1 2.5 to 1 4.0 times 6.9 times 5.15 times 40% 14.34% $ 9.38 Book Print . All sales during the year were made on account. Cash collections during the year exceeded sales by $16.000, 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 $5.496. The balance of the inventory account was $68,075 on January 1, 2020 Interest expense on the income statement relates to the 15% 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. Cerences NCYUNCU. 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 Gross profit Operating expenses Income from operations Interest expense Income before taxes Income taxes (20%) Net income nces WHITTAKER INC Balance Sheet December 31, 2020 Current assets: Cash $ 178,000 ces Accounts receivable. net Inventory Total current assets Property, plant and equipment, net Total assets Current liabilities Bonds payable, 15% Total liabities Stockholders equity Common stock 54 par value Additional paic-in capital Retained earnings Total stockholders' equity Total abilities and stockholders equity 74,000 S 15.000 22.500