The following information was provided by Men In Black Tuxedo Shops INCOME STATEMENT (Partial Information): Revenue Cost of Goods Sold 552 000 $149 600 Answers May Be Rounded Create a valid (GAAP approved) income statement and answer the following questions 1. What was the tax liability for Men In Black (rounded)? 2. How much were Earnings Per Share? 3. What was the Cash on hand? BALANCE SHEET: SHEET This Y $279 300 Accounts Rec. Inventory Total Current Assets 330 300 $157 800 9 000 32.200 199,000 11 000 40 000 4. If the firm pays $.90 DPS, how much went into retained Fixed Assets 270 000 40 000 230 000 230,000 52 000 178 000 $377,000 earnings? What is the firm's current ratio? If the price of Men in Black Tuxedo Shop stock is $15.50 Less Acc. Dep 5. Net Fixed Assets Total Assets $560 300 6. per share, what is the P/E ratio? Accounts Payable Accrued Expenses 58 200 42,100 100 300 43 100 57.150 100 250 7. What is the Debt Ratio for this firm? 8. What is Net Profit Margin? 9. What is the Gross Profit Margin? 10. What is the Interest Coverage (TIE)? 11. What is the ROE? 12. What is the debt/equity ratio? 13. Create both common-size statements (Balance Sheet & Total Current Liab. Long Term Liabilities Total Liabilities Retained Earnings Common Stock 110 000 210 300 120 000 230 000 97 000 197 250 32 750 147 000 Total Owners' Equity 350 000 Total Liabilities & Equity $560 300$377 000 179 750 Use the following information to complete the income statement and answer the following questions Income Statement - GAAP approved) Gust for this year). The common-size may be shown next to the various elements of the financial statements or you may rewrite each financial statement displaying the percentages instead of the respective dollar amounts. (Common size percentages are not shown in the answer key) Expenses Wages $16 000 upplies Interest Expense Depreciation Expense 000 Insurance Expense Tax Bracket 40% Preferred Stock Dividends $30 000 Common Stock Shares Outstanding 150 000 Answers (in random order-there are more than you need): a..60% hr-38% e $42 650 f. $56 502 q.3.29 i 40.1% k. $1.28 p. $164,150 L. $223 502 q, 17 (rounded) m. 51.36 n. $221,502 o. $376 500 b. 72.9% d. $147 668 h, 63.3% j. 12 (rounded)