Your assistant has just provided you with your company’s latest financial results. Unfortunately, several of the numbers are smudged and unreadable. They are each represented below by a letter.
|
Balance sheet (as of month end) |
Income statement (as of month end) |
|||
|
Cash |
$482 |
Sales revenue |
$10,377 |
|
|
Accounts receivable |
(a) |
Cost of goods sold |
6,226 |
|
|
Merchandise inventory |
(b) |
Gross profit |
(f) |
|
|
Buildings and equipment |
$3,411 |
Operating expenses: |
||
|
Accumulated depreciation |
922 |
Advertising |
$350 |
|
|
Investments, long term |
250 |
Depreciation |
500 |
|
|
Land |
980 |
Rent |
(g) |
|
|
Total assets |
$ (c) |
Wages |
376 |
(h) |
|
Income before taxes |
$1,945 |
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|
Accounts payable |
$977 |
Income taxes (35%) |
(i) |
|
|
Notes payable, long term |
(d) |
Net income |
$ (j) |
|
|
Common stock |
3,400 |
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|
Retained earnings |
1,491 |
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|
Total liabilities and equity |
$ (e) |
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|
Summary ratio values |
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|
1. Accounts receivable turnover |
5.62 |
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|
2. Inventory turnover |
7.15 |
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|
3. Return on assets |
18.27 |
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|
4. Return on equity |
(k) |
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Determine the missing amounts above. (Round amounts to the nearest dollar.)