2 Following is an incomplete currentyear income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: 10 points . Return on total assets is 15% (average total assets is $70,000). - Inventory turnover is 6 (average inventory is $6,850). SkiPPed - Accounts receivable turnover is 9 (average accounts receivable is $7,000). eB:ok Cost or goods sold Selling, general, and administrative expenses Income tax expense 3,200 Net income References 5 On January 1, 5G Company reported current assets of $172,800 and current liabilities of $144,000. Compute total current assets, total current liabilities, and the current ratio at January 1 and after each of the following transactions. (Round current ratio to two decimal places. Amounts to be deducted should be indicated with a minus sign.) 10 points January 5 Purchased equipment to be used in operations for $43, 200 cash. January 12 Paid $12,000 cash for accounts payable. January 18 Acquired a building in exchange for a $237,600 long-term note payable, first payment to occur in 3 years. January 22 Purchased $28,800 of merchandise on credit, terms n/45. January 31 Sold outdated machinery for $30 , 480 cash. eBook Date Current Assets Current Liabilities Current Ratio January 1 Hint January 5 Balance, January 5 0 0 January 12 Print Balance, January 12 0 O January 18 Balance, January 18 0 0 References January 22 Balance, January 22 0 January 31 Balance, January 31 0 0