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Q7. Hytek Corporation ended 2008 with cash of $50,000, accounts receivable of $100,000, and inventory of $300,000. Property, plant, and equipment were valued at their original cost of $470,000, less accumulated depreciation of $170,000. Current liabilities other than income taxes owed (see below) were $120,000 and long term debt was $250,000. Stockholders' equity consisted of (i) $90,000 common stock investment and (ii) accumulated retained carnings, which had totaled $300,000 at the end of 2007. Net sales for 2008 were $1,050,000. Expenses included $635,000 cost of goods sold, $50,000 allowance for depreciation, $90,000 selling expense, and $70,000 G&A expense. Interest income and expense were $5000 and $30,000, respectively, and income taxes for the year (unpaid at year's end) were $80,000 a) Prepare an income statement (15 points) b) Use the output of parts (a) and given Balance Sheet, calculate the eight financial ratios and comment on the values you obtain. (20 points) Balance sheet, Hylak Corp. December 31, 2018 ASSETO Current Assets $ 50.000 Accounts receivable 100.000 300.000 Tom cesta penyunt, and equipment 470.000 Les accumulated depreciation 170.000 Not property.pl TOTAL ASSETS LIMBUTIES AND STOCKHOLDERS EQUITY Ques Income 300.000 Other Tow current Long to do TOTAL LIABILITIES Serenity Capital sock 90.000 Metained frings 210.000 TOTAL LIABILITIES AND COUITY 300.000 $750.000 $200.000 250.000 $450.000 300.000 5250.000