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(Working with an income statement and balance sheer) Prepare a balance sheet and income statement for Kronlokken Company from the scrambled list of item shown in the popup window .. a. What is the firm's not working capital and debt ratio? b. Complete a common-sized income statement and a common-sized balance sheet c. Interpret your findings Depreciation expense Cash Long-term debt Sales Accounts payable General and administrative expenses Buildings and equipment Notes payable Accounts receivable Interest expense Accrued operating expenses Common stock Cost of goods sold Inventory Taxes Accumulated depreciation Prepaid expenses Taxes payable Retained earnings $68,508 225,087 331,999 575,877 102,530 77,633 896,881 74,600 153,174 4,873 7,845 287,126 295,537 99,561 51,730 266,402 13,860 56,692 261,369 Complete the part of the balance sheet below: (Round to the nearest dollar. NOTE: Input the Accumulated Depreciation a Kronlokken Company Balance Sheet ASSETS Cash 225,087 153,174 Accounts receivables Inventories 99,561 13.860 Prepaid expenses Total current assets Gross buildings and equipment Accumulated depreciation 491,682 896,881 (266,402) 630,479 Net fixed assets Total assets 1.122,161 Balance Sheet (Cont'd) LIABILITIES AND EQUITY Liabilities $ 102,530 7,845 Accounts payable Accrued operating expenses Taxes payable Notes payable 56,692 74,600 241,667 Total current liabilities Long-term debt 331,999 Total liabilities $ 573,666 Equity Common stock $ 287,126 261,369 Retained earnings Total equity 548,495 $ $ 1,122,161 Total liabilities and equity Jadilan and then click Check Answer Kronlokken Company Income Statement Sales $ 575,877 Cost of goods sold 295,537 280,340 Gross profits General and admin. expenses $ 77,633 Depreciation expense 68,508 $ 146,141 Total operating expenses Operating income (EBIT) Interest expense $ 134,199 4,873 Earnings before taxes 129,326 Taxes 51,730 77,596 Net income Taxes 51, Net income 77, a. What is the firm's net working capital and debt ratio? The net working capital is $ 250015. (Round to the nearest dollar.) The debt ratio is 51.12 %. (Round to two decimal places.) b. Complete a common-sized income statement and a common-sized Complete the common-sized income statement: (Round to the nearest Common-sized Kronlokken Company Income Statement Sales $ 575,8 295,59 Cost of goods sold Gross profits 280.34 c. Interpret your findings. b. Complete a common-sized income statement and a common-sized balance sheet. Complete the common-sized income statement: (Round to the nearest dollar. NOTE: You may input e $ 48.6 % 13.5 % Common-sized Kronlokken Company Income Statement Sales $ 575,877 100.0 % Cost of goods sold 295,537 51.4 Gross profits 280,340 General and admin. expenses $ 77.633 Depreciation expense 68,508 11.9 Total operating expenses $ 146,141 Operating income (EBIT) 134,199 23.3 % Interest expense 4,873 0.8 Earnings before taxes 129,326 22.5 % Taxes 51,730 9.0 25.4 % Net income $ 77,596 13.5 % Enter any number in the edit fields and then click Check Answer. Net income Complete this part of the common-sized balance sheet: (Round to the nearest dollar. NOT Common-sized Kronlokken Company Balance Sheet ASSETS Cash $ 225,087 % Accounts receivables 153,174 Inventories 99,561 Prepaid expenses 13,860 491,682 Total current assets $ % $ 896,881 % Gross buildings and equipment Accumulated depreciation Net fixed assets $ (266,402) 630,479 1,122,161 % % Total assets $ Enter any number in the edit fields and then click Check