(solution) Utilizing the following accounts and information, create a

(solution) Utilizing the following accounts and information, create a

Utilizing the following accounts and information, create a Balance Sheet and Income Statement.

Sales $60 million, Long-term Debt $15 million, P/E ratio 14, Payout ratio 60%, COGS45%, Inventory $18 million, PPE $40 million, Intangible assets $10 million, Current ratio1.4, Cash $.5 million, Payables $12 million, EBIT $11 million, S-T debt $2 million,Marketable Securities $.9 million, TIE 11.0, Depreciation $3.5 million, Interest expense$1.0 million, Receivables $10 million,  Tax rate 35%.