Income statement Sales $32,000 Cost of sales 24,400 7,600 Net Income Balance Sheet $1,000 Cash Accounts Receivables Inventory 5,000 Net Fixed Assets 7,500 Total Assets 15,000 $500 Accounts payables 2,000 Long term debt 2,000 Equity 12,000 Total Liabilities and Equities 15,000 Required: 1) Create a proforma Income statement (Assume a 10% growth rate) 2) Create a proforma Balance Sheet (Assume a 10% growth rate for assets and liabilities) 3) Calculate the following Ratios from the simplified financial statements above): a) Profit Margin b) Return on Assets c) Return on Equity d) Current Ratio e) Quick Ratio