The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2017 Sales Cost of Goods Sold Depreciation Expense Gross Profit Selling and Administrative Expenses EBIT Interest Expense Income before Tax Taxes Net Income $9,300,000 5,750,000 550,000 $3,000,000 2,200,000 800,000 200,000 $ 600,000 375,000 $ 225,800 Flathead Lake Manufacturing Comparative Balance Sheets 2017 2016 Cash $ 50,000 $ 40,000 Accounts Receivable 570,000 600,000 Inventory 53 , 460,000 Total Current Assets $1,150,000 $1,100,000 Fixed Assets 2,050,000 1,400,000 Total Assets $3,200,000 $2,500,000 Accounts Payable $ 320,000 300,000 Bank Loans 480,000 400,000 Total current Liabilities $ 800,000 $ 700,000 Long-term Bonds 1,500,000 1,000,000 Total Liabilities $2,300,000 $1,700,000 Common Stock (200,000 shares) 200,000 200,000 Retainded Earnings 700,000 600,000 Total Equity 900,000 $ 880,000 Total Liabilities and Equity $3,200,000 $2,500,000 Nome The common these train the lock market for 515 per share Refer to the francais fad Lake Manding Company. The tow's inventory turnoverato Please keep in mind that when a ratio waves both income statement and wance the numbers, the balance sheet number for the beginning and end of the year must be averaged) HE O 15