Exhibit 8.1 The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.   Balance Sheet (Millions of $)   Assets 2012 Cash and securities $  1,588.0 Accounts receivable 9,510.0 Inventories   13,700.0 Total current assets $24,798.0 Net plant and equipment   15,272.0 Total assets $40,070.0 Liabilities and Equity   Accounts payable $  7,420.0 Notes payable 5,030.0 Accruals     4,030.0 Total current liabilities $16,480.0 Long-term bonds   10,320.0 Total debt $26,800.0 Common stock 3,720.0 Retained earnings     9,550.0 Total common equity $13,270.0 Total liabilities and equity $40,070.0     Income Statement (Millions of $) 2012 Net sales $59,700.0 Operating costs except depr'n $54,318.0 Depreciation $  1,229.0 Earnings bef int and taxes (EBIT) $  4,153.0 Less interest     249.2 Earnings before taxes (EBT) $  3,903.8 Taxes $     1,522.5 Net income $  2,381.3 Other data:   Shares outstanding (millions) 180.00 Common dividends (Millions of $) $   505.72 Int rate on notes payable & L-T bonds 6.00% Federal plus state income tax rate 39% Year-end stock price $77.05     Refer to Exhibit 8.1. What is the firm's debt ratio?   Group of answer choices   66.88% 59.88% 47.91% 42.81% 53.58%

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Comparative statement of financial position of Alpha Sdn Bhd as at 31 December 2023 Cash at bank Accounts receivable fless: provision for doubtful Inventories Plant and equipment (NBV) Investment in government securities Total assets Ordinary shares 180 million 10% Preference shares. Retained earnings Accounts payable Tax payable Deferred taxation 10% Debentures Sales Less: Cost of sales Gross profit Operating expenses Operating profit Investment income Profit before tax Taxation Profit after tax Interim dividend paid Profit attributable to members Additional information: I. II. III. Required: b. 2023 BM million a. Prepare the cash flow statement for Alp Show the reconciliation of profit before # # # # 84.00 585.50 33.60 509.20 1.094.70 # Income statement for the year ended 31 December 2023 105.00 815.00 205.90 15.00 37.80 21.00 RM million 860.00 560.00 300.00 224.40 75.60 9.00 84.60 18.80 65.80 34.30 31.50 RM 279.70 258.70 1,094.70 802.20 50.40 219.00 134.40 (26 marks) (14 marks)…