Uncle Ernie's Lumber Emporium Read the following scenario and complete the financial statements and calculate the appropriate financial ratios I have attached a file containing an Excel spreadsheet for your convenience Part-1 Your uncle Ernie just passed away and left you his lumber yard. The will says that you must operate the lumberyard for at least five years after his death; after the five year period you can sell it or continue to operate it. Going through last year's records you notice that the lumberyard had cash sales of $130,000 and credit card sales of $ 1 22,448.98 (for credit card sales you have to pay 2% to the credit card company-this would be a cost of goods sold). Uncle Emie's lumberyard also received $250,000 in account sales the lumberyard offers a 10% discount for account customers who pay within 10 days of recen!ng the bill and all customers took advantage of the discount (the discount is a cost of goods sold). The lumber supplier sent Uncle Ernie mismarked lumber, causing the lumberyard to have $20,000 in customer returns and S3000 in markdowns. The lumberyard paid a total of $200,000 for the merchandise and $25,000 for shipping to obtain goods for sale (this type of shipping is part of cost of goods sold). Last year uncle Emie paid himself a salary of $1,250 per month and paid his employees a salary of $110,000; in addition he paid $4,950 for advertising, S1250 for supplies S1,500 for miscellaneous shipping, $4,500 for insurance, $5,000 for maintenance, and $2,500 to lease computers and cash registers. (Note: assume a 24% tax rate-multiply the NPBT by the tax rate) From this information, create a profit and loss statement and indicate what uncle Ernie made last year (round answers to the nearest S1). ncome Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries Advertising Supplies Shipping nsurance Maintenance Leased Equipment Total Net profit before taxes Taxes Net profit after taxes Part-2 Uncle Ernie's forgetful accountant, Billy Bailey gave you the following balance sheet complete the parts that Billy Bailey left-out (i.e., determine the total assets, tota abilties, owner's equity, and liabilities &net worth) Assets Current Liabilities Current Payroll Taxes Accounts Payable Short-term Loan $12,000 15,000 40,000 Cash $25,000 133,500 52,000 $210,500 Accounts receivable Total Total $68,050 Fixed Fixed Property Building Store fixtures Equipment 225,000 300,000 14,550 2,550 $542,100 Mortgage Long-term loan 175,000 5,000 $260,000 Total Total Total Liabilities Total assets Owner's Equity Liabilities & Net worth Part-3 Using the P& L statement and the balance sheet to calculate the quick ratio, current ratio, net profit margin, asset turnover, retun on assets, financial leverage, and return on net worth to determine whether Uncle Emie's lumber yard is running efficiently.

Please do Step-by-Step and Show All Work.