Compute the missing amounts, and complete the statements of the Omni Company

(Hint: Complete the Income Statement first)

OMNI COMPANY

BALANCE SHEET

AS OF DECEMBER 31, 2018

Cash ? Current Liabilities ?

Accounts Receivable (Net) ? 8% Long-Term Bonds Payable ?

Inventory ? Common Stock ?

PPE (Net) ? Retained Earnings 950,000

Total Assets 6,500,000 Total Liabilities and Stockholders' Equity 6,500,000

OMNI COMPANY

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2018

Net Sales ?

Cost of Goods Sold ?

Gross Profit ?

SGA Expenses ?

Income from Operations ?

Interest Expense on Bonds Payable 80,000

Income before Income Taxes ?

Income Tax Expense ?

Net Income 580,000

The following information is available about Omni Company's financial statements:

1. The Accounts Receivable Collection Period (DRO) is 73 Days

2. The Days Inventory Outstanding (DIO) is 45.63 Days

3. The Quick Ratio for the firm is .96

4. The Net Profit Margin for the firm is 9%

5. The Gross Profit Margin for the firm is 34%

6. The Return on Common Equity for the firm is 18%

7. The Income Tax Rate for the firm is 22%