$12$

Exercise $17-15($Algo$)$ Reconstructing an income statement with ratios LO P$3$

$6\mathrm{.}66$

points

Following is an incomplete current$-$year income statement.

Determine Net Sales, Cost of goods sold and Net Income. Additional information follows:

Return on total assets is $16\%($average total assets is $$79,000).$

Inventory turnover is $4($average inventory is $$6,290).$

Accounts receivable turnover is $7($average accounts receivable is $$7,000).$

$\backslash$table$[[$Income Statement$],[$Net sales,$],[$Cost of goods sold,$],[$Selling$,$ general, and administrative expenses,$8,100],[$Income tax expense,$3,100],[$Net income,$]$