Computing missing Information using given Financial Ratio.

Presented below is an incomplete income statement and incomplete comparative balance sheet. Compute the missing information given the ratios below. (Note. Start with one ratio and derive as much information as possible from it before trying another ratio. List all missing amounts under the ratio used to find the information.)

Additional Information: 1. The accounts receivable turnover for 2018 is 7.5 times. 2. All sales are on account. 3. The profit margin for 2018 is 15% 4. Return on assets is 20% for 2018 5. The current ratio on December 31, 2018 is 2.5. 6. The inventory turnover for 2018 is 3 times.

Bunny Inc. Statement of Comprehensive Income For the Year Ended December 31, 2018 Net sales 21,000,000 Cost of goods sold Gross profit Operating expenses 3,000,000 Income from operations Interest expense Income before income taxes Income tax expense 900,000 Net income Bunny Inc. Balance Sheet December 31 Assets 2018 2017 6,230,000 8,720,000 Plant assets (net) Current assets Inventory 3,430,000 Accounts receivable (net) 100,000 Cash 950,000 740,000 Total current assets 4,270,000 Total assets 12,990,000 Equity and Liabilities Share capital-ordinary, 1 par Retained earnings Total equity Long-term notes payable Current liabilities 6,000,000 6,000,000 800,000 750,000 6,800,000 6,750,000 6,600,000 1,650,000 Total liabilities 8,250,000 15,000,000 Total equity and liabilities