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FInanclal ratlos computed for Whittaker Inc. Include the following: - All sales during the year were made on account. Cash collections during the year exceeded
FInanclal ratlos computed for Whittaker Inc. Include the following: - All sales during the year were made on account. Cash collections during the year exceeded sales by $15,000, and no uncollectible accounts were written off. - The balance of the accounts recelvable account was $43,000 on January 1,2020. - No common stock was Issued during the year. - Dividends declared and paid during the year were $3,500. - The balance of the Inventory account was $29,520 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. Requlred: a. Complete the Income statement and balance sheet for Whittaker Inc. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ WHITTAKER INC. } \\ \multicolumn{1}{|c|}{ Balance Sheet } & \\ \hline 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 \multicolumn{1}{|c|}{ Total assets } & \\ \hline Current liabilities & \\ \hline Bonds payable, 15% & \\ \hline Total liabilities & \\ \hline Stockholders' equity: & \\ \hline Common stock, $4 par value & \\ \hline Additional paid-in capital & 30,000 \\ \hline Retained earnings & 30,000 \\ \hline Total stockholders' equity & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular}
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