You are the Senior Credit Officer at your bank, Miss Simpson, your Junior Credit Officer, has presented the following projected data supplied by The Newly Corporation, a small business and has asked for your assistance in completing the statement of financial position. Newly Corporation has applied for a loan to start a project that you will eventually make the credit decision on The bank's lending policy requires the borrower to put in 20% of the total cost of any project that the bank is to fund. wUse the data to complete the statement of financial position and the selected income statement items. (18 marks) Data supplied by The Newly Corporation All sales are on credit Good are sold on a 50% mark-up on purchase price. Cost of goods sold $4,000,000 Total assets turnover 2.5 times Cash to total assets 3.0% Accounts receivable turnover times Inventory turnover 8.0 times Current ratio 2.0 times Debt to total assets 62.50% 10.0 Mosely CORPORATION Balance Sheet 2017 Assets Liabilities and Stockholders' Equity Cash Accounts payable Accounts receivable Long-term debt Inventory Total debt Total current assets Equity Fixed assets Total assets Total debt and stockholders' equity Sales Gross profit ) Has the Mosely Corporation met the bank's lending policy so that you can sign-off on the loan? Support your answer. (2 marks)