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Complete the financial statements show below using the following information. Return on sales = 5% Fixed asset turnover = 4x Gross profit margin = 40%

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Complete the financial statements show below using the following information. Return on sales = 5% Fixed asset turnover = 4x Gross profit margin = 40% Days sales outstanding = 20 Basic earning power = 20% Return on assets = 10% tax rate = 33 1/3% Return on equity = 25% Debt ratio = 60% Total asset turnover = 2x Times interest earned = 4 Inventory turnover = 8x Current ratio = 5x Cash _____ Account Rec. _____ Inventory _____ Current Assets _____ Fixed Assets _____ Total Assets _____ Current liabilities _____ 200 _____ Long-term Liab. _____ Total Liabilities _____ Common Stock _____ 200 _____ Retained Earnings _____ Stockholders Equity _____ Total Liabilities & Equity _____ Sales _____ - COGS _____ Gross Profit _____ - Oper. Expenses _____ Operating Income _____ - Interest _____ Taxable Income _____ - Income tax _____ Net Income _____ 200 _____

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