Mark 1.75 out of 10,00 Question 3 Partially correct Creating Balance Sheets and income Statements Using the information in the below table, prepare a classified balance sheet for Arrow Company as of December 31, 2014 and December 31, 2015, along with multi-step income statements for the years then ended, December 31, 2014 December 31, 2015 Property, plant, and equipment (net) 53.250 Long-term debt Depreciation expense Retained earnings 1,175 Sales revenue 5,000 7,500 Account $3,675 2.450 3,450 250 300 650 250 350 income taxes 250 350 Current portion of long-term debt Total current liabilities 650 800 625 1,200 Inventory 3,000 4.500 Cost of goods sold 500 700 Cash 875 1,450 Selling general and administrative expenses 200 200 Other current assets 675 1,150 Accounts receivable 125 250 100 125 Interest expense Dividends Accounts payable Common stock 400 450 1,500 1,500 Arrow Company Balance Sheet As of December 31, 2015 2015 2014 $ X X$ Cash x Accounts Receivable Inventory Other current assets Common stock 1,500 1.500 Arrow Company Balance Sheet As of December 31, 2015 2015 2014 Cash $ XS X Accounts Receivable X X X K Inventory Other current assets Total current assets X X X Property, plant and equipment X Total assets $ X5 $ x 5 X X Accounts payable Current portion of long-term debt Total current abilities Long-term debt Total liabilities X X X X X Common stock X X x Retained earnings Total equity Total liabilities and equity X $ XS X Arrow Company Income Statement For the year ended December 31, 2015 2015 2014 XS $ Sales X X X X X X X Cost of goods sold Gross profit Selling general & administrative expenses Depreciation expense Operating income interest expense Pretax income K K X X Income taxes X Net income