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ACCT 605 - Pre MT Assessment instructions: Put the palance sheet, income statement and cash flow statement on pages by themselves. PARTA Prepare Income Statement, Balance Sheet and Statement of Cash Flow for 2020 using the following Trial Balance Information: 2020 2019 Account Title DR CR DR CR Accumulated Depreciation - Machinery $12,000 $6,000 Accounts Payable $4,000 $2,500 Accounts Receivable $16,000 $13,000 Cash $20,000 $7,000 Cost of Goods Sold $45,000 $55,000 Depreciation Expense $6,000 $6,000 Income Tax Expense $10,000 $5,000 Interest Expense $25,000 $22,000 Inventory $35,000 $32,000 Machinery $55,000 $50,000 Notes Payable* $40,000 $30,000 Office Supplies Expense $5,000 $3,000 Prepaid Rent $2,000 $1,500 Rent Expense $10,000 $10,000 Retained Earnings** $40,000 $0 Revenues $123,000 $154,000 Share Capital (Common Shares) $25,000 $25,000 Wages Expense $15,000 $13,000 Total $244,000 $244,000 $217,500 $217,500 * the Notes Payable has a staggered maturity date (with some becoming due within one year and the remaining after one year). See below for details: % of Total Due within One Year 20.00% % of Total Due after One Year 80.00% ** Retained Earnings for Balance Sheet is: Balance from Above before closing 1/S Accts + Net Profit/(Loss) for Year Ending Balance for Retained Earnings $40,000 $7,000 $47,000 Other Information: - Weighted Average # of Shr 0/S in Yr 1,000 - Corporate Year End is December 31, 2020 - Corporation's Name is Blumen Industries PART B Compute the following Financial Statement Ratios using the Financial Statements from PART A a) Current Ratio b) Debt-to-Equity c) Net Book Value PARTC Of the three ratios mentioned above, comment on which ratio a long-term creditor is most interested in and why. Marks % Balance Sheet 28 35% Income Statement 17 21% Statement of Cash flows 23 29% Ratios 9 11% Ratio comment 3 4% Total 80 100%