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An incomplete income statement and an incomplete comparative balance sheet of Deines Corporation are presented below. Additional information: 1. The accounts receivable turnover for 2017

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An incomplete income statement and an incomplete comparative balance sheet of Deines Corporation are presented below.

Additional information:

1.The accounts receivable turnover for 2017 is10 times.

2.All sales are on account.

3.The profit margin for 2017 is14.5%.

4.Return on assets is22% for 2017.

5.The current ratio on December 31, 2017, is3.0.

image text in transcribedimage text in transcribed

DEINES CORPORATION Income Statement For the Year Ended December 31, 2017 Net sales $12,870,000 Cost of goods sold Gross profit Operating expenses 1,948,050 Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense 655,200 Net incomeDecember 31 Assets 2017 20 16 Current assets Cash $ 526,500 $ 438,750 Accounts receivable (net) 1,111,500 Inventory 2,012,400 Total current assets 3,562,650 Plant assets (net) 5,405,400 4,627,350 Total assets $ $8,190,000 Liabilities and Stockholders' Equity Current liabilities $ $965,250 Long-term notes payable 3,276,000 Total liabilities 4,241,250 Common stock, $1 par 3,510,000 3,510,000 Retained earnings 468,000 438,750 Total stockholders' equity 3,978,000 3,948,750 Total liabilities and stockholders' equity $ $8,190,000

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