Q.4 Complete the following Financial Statements of Hashoo Ltd, for the year ended December 31, 2017 Present supporting computations also. Hercules Constructions Balance Sheet As on December 31, 2017 Assets Amount Liabilities & Owner's Amount($) ($) Equity Cash 2 Accounts payable Accounts receivable ? Accruals 80 Inventories 2 36 ? Long-term debt Other current assets Total liabilities Total current assets 2 Common stock 500 Net fixed assets 600 Retained earnings 100 Total assets ? Total liabilities & equity ? Hercules Constructions Income Statement For the year ended December 31, 2017 Net Sales $ ? Cost of goods sold 2 Gross profit 600 Operating expenses Operating income 109 Interest expenses 150 Income before income taxes Income taxes 40% Net income after taxes $120 Additional Information: a. Debt ratio was 50% b. The beginning inventory was $50; the company's inventory turnover based on average inventory was 10 times c. The current ratio was 2:1, and liquid ratio was 1:1 d. Operative profit margin was 25% e. The beginning balance in accounts receivables was $150; and accounts receivable turnover for the year based on average accounts receivable was 8 times f. Calculations should be based on 368 days year -- Page 2 of 2