Income Statements For the Year Ended December 31, 2020 Balance Sheet As of December 31, 2020 Calculated from ratio Calculated from formula All others were given 2020 2020 $35,000 593,000 Sales Cost of Goods Gross Profit Depreciation Selling & Admin. Expense Lease Expense Earnings Before Interest & Taxes Interest Expense Earnings Before Taxes Taxes Net Income 72,000 954,250 45,750 Instructions: 3,450,000 Assets Cash Accounts Receivable Inventory Total Current Assets Gross Fixed Assets Accumulated Depreciation Net Plant & Equipment Total Assets Liabilities & Owner's Equity Accounts Payable Short-term Notes Payable Total Current Liabilities Long-term Debt Common Equity Total Liab. & Owner's Equity A Use the ratios to recreate the financial statements (green color). Use the ROUND function to round each answer to the nearest $1. 4,030,650 359,575 B Complete the statements by using formulas (yellow color) that refer to the existing data. Note: Tax Rate 25.00% $4,030,650 Apply proper formatting where missing Submit your completed file via Canvas Quiz. Ratios Current Ratio Inventory Turnover A/R Turnover Fixed Asset Turnover LTD to Equity Times Interest Earned Net Profit Margin Return on Total Assets Return on Equity 1.94235278 5.00000000 10.00000000 1.43997848 0.59215753 2.13913043 0.02293953 0.02437572 0.04486301