500RETAINED EARNINGSTOTAL ASSETS

37,500

Retained earnings

Total Assets

? Total Liabilities and

?

Shareholders’ equity

INCOME Statement for 20X6 (In thousands)

Rs.100,000

Credit Sales

_______?

Cost of Goods sold

Gross Profit

Selling and admin expense

Interest expense

____4,000

Profit Before taxes

Taxes(30%)

Profit After Tax

3 to 1

Current Ratio

Rs.500

Depreciation

Net profit margin

7%

Total

liabilities/shareholders’

1 to 1

equity

Average collection period

45 days

Inventory turnover ratio

Assume that sales and production are steady throughout a 360-day year; complete the balance

sheet and income statement for Shah Sahib Company. (15)