Given the data provided, please answer the questions below.

$-$cash sales of $$130,000$

$-$credit card sales of $$122,448\mathrm{.}98($for credit card sales you have to pay $2\%$ to the credit card company$$this being a cost of goods sold$).$

$-$ $$250,000$ in account sales$(10\%$ discount for account customers who pay within $10$ days of receiving the bill, and $($the discount is a cost of goods sold$).)$

$-$ $$20,000$ in customer returns and $$5000$ in markdowns.

$-$paid a total of $$200,000$ for the merchandise and $$25,000$ for shipping to obtain goods for sale $($this type of shipping is part of cost of goods sold$).$

$-$Boss had salary $of$ $$1,250$ per month and paid his employees a salary of $$110,000$; $-$$$4,950$ for advertising,

$-$$$1250$ for supplies,

$-$$$1,500$ for miscellaneous shipping,

$-$$$4,500$ for insurance,

$-$$$5,000$ for maintenance,

$-$$$2,500$ paid to lease computers and cash registers. $($Note: assume a $24\%$ tax rate$$multiply the NPBT by the tax rate$)$

QUESTIONS:

QUESTION $1.$Create a profit and loss statement and indicate what uncle Ernie made last year $($round answers to the nearest $$1).$

Please also fill:

Income Statement

Net Sales

Cost of Goods Sold

Gross Profit

Operating Expenses

Salaries $$125\mathrm{.}000$

Advertising $4\mathrm{.}950$

Supplies $1\mathrm{.}250$

Shipping $1\mathrm{.}500$

Insurance $1\mathrm{.}500$

Maintenance $5\mathrm{.}000$

Leased Equipment $2\mathrm{.}500$

Total $$141\mathrm{.}700$

Net profit before taxes

Taxes

Net profit after taxes

Part$-2$

determine the total assets, total liabilities, owner$$s equity, and liabilities & net worth$)$

Assets Liabilities

Current Current

Cash $$25,000$ Payroll $$12,000$

Inventory $133,500$ Taxes $15,000$

Accounts receivable $52,000$ Accounts Payable $40,000$

Total $$210,500$ Short$-$term Loan $1,050$

Total $$68,050$

Fixed

Property $$225,000$ Fixed

Building $300,000$ Mortgage $$175,000$

Store fixtures $14,550$ Long$-$term loan $85,000$

Equipment $2,550$ Total $$260,000$

Total $$542,100$

Total Liabilities

Total assets

Owner's Equity

Liabilities & Net worth

Part$-3$

Using the P & L statement and the balance sheet to calculate the quick ratio, current ratio, net profit margin,

asset turnover, return on assets, financial leverage, and return on net worth to determine the efficiency and profitability $of$ the operations