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Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: - Return on total assets
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: - Return on total assets is 16% (average total assets is $65,000 ). - Inventory turnover is 4 (average inventory is $6,100 ). - Accounts receivable turnover is 7 (average accounts receivable is $6,500 )
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