Use the following partially blank Income Statement and Balance Sheet plus the ratios provided for Questions 1 6. Your task is to work backwards, using the ratios, to fill in the missing information on the financial statements. Once you have completed the Income Statement and Balance Sheet, fill in the requested information.

Cracker Barrel Foods Corp
Income Statement
January 1 - December 31st, 2020
Revenues		$ 6,227,844
Cost of Goods Sold		$ 3,844,576
Expenses		$ 1,298,668
Depreciation		$ 362,325
EBIT		$ 722,275
Interest Expense		$
Taxable Income		$
Taxes @ 30%		$
Net Income		$

Cracker Barrel Foods Corp
Balance Sheet
As of December 31st, 2020
Current Assets	2020	Current Liabilities	2020
Cash	$ 10,445	A/P	$ 330,000
A/R	$	N/P	$ 250,000
Inventory	$	Other Current Liab	$ 1,250,000
Other Current Assets	$ 812,000	Total Current Liab	$
Total Current Assets	$	Long Term Debt	$ 1,389,615
Net Fixed Assets	$ 3,129,754	Common Stock	$ 1,761,044
		Retained earnings	$
Total Assets	$	Total Liab. & O.E.	$

Cracker Barrel Foods Corp
Financial Ratios
2020
Liquidity Ratios	Cracker Barrel
1. Current Ratio	1.330
2. Quick Ratio	1.117
3. Cash Ratio	0.004
Solvency Ratios
4. Total Debt Ratio	0.58
5. Debt/Equity Ratio	1.37
6. Equity Multiplier	2.37
Asset Management Ratios
7. Times Interest Earned	4.82
8. Cash Coverage (EBITDA) Ratio	7.23
9. Inventory Turnover Ratio	9.88
10. Days Sales in Inventory	36.93
11. Receivables Turnover Ratio	5.10
12. Days Sales in A/R (Average Collection Period)	71.61
13. NWC Turnover	10.33
14. Fixed Asset Turnover	1.99
15. Total Asset Turnover	1.12
Profitability Ratios
16. Profit Margin	6.4%
17. Return on Assets (ROA)	7.2%
18. Return on Equity (ROE)	17.1%

Questions related to Ratios and the Financial Statements

1. What is the correct value for Interest Expense?

2. What is the correct value for Net Income?

3. What is the correct value for Taxable Income?