Incomplete financial statements for Pepper Industries are given below:

The following additional in formation about the company is available:

a. Selected financial ratios computed from the statements are shown below:

b. All sales during the year were on account.

c. The interest expense on the income statement relates to the bonds payable; the amount of bonds outstanding did not change throughout the year.

d. There were no changes in the number of common shares outstanding during the year.

e. Selected balances at the beginning of the current year (January 1) were as follows:

Required

Compute the missing amounts on the company's financial statements.

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PEPPER INDUSTRIES Income Statement For the Year Ended March 31 $4,200,000 Sales .... Cost of goods sold. Gross margin..... Selling and administrative expenses . Operating income Interest expense. . 80,000 Net income before taxes . Income taxes (30%).. Net income ... ... %24 PEPPER INDUSTRIES Balance Sheet March 31 Current assets: Cash. .... Accounts receivable, net. Inventory. .. Total current assets . ... Plant and equipment, net. Total assets ... Current liabilities ... Bonds payable, 10% Total liabilities ... Shareholders' equity $320,000 $700,000 Common shares, 140,000 .. Retained earnings . Total shareholders' equity... Total liabilities and shareholders' equity $ ?