Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation.

BONDI CORPORATION

Income Statement

For the Year Ended December 31, 2013

Net Sales11,000,000

Cost of goods sold

Gross Profit

Operating Expenses1,665,000

Income from operations

Other expenses and losses

     Interest expense

Income before income taxes

Income tax expense560,000

Net Income

BONDI CORPORATION

Balance Sheets

December 31

Assets20132012

Current Assets

     Cash450,000375,000

     Accounts Receivable (net)950,000

     Inventory1,720,000

       Total Current Assets3,045,000

Plant Assets (net)4,620,0003,955,000

Total Assets7,000,000

Liabilities and Stockholders’ Equity

Current Liabilities825,000

Long-term notes payable2,800,000

        Total Liabilities3,625,000

Common stock, P1 par3,000,0003,000,000

Retained earnings400,000375,000

        Total stockholders’ equity3,400,0003,375,000

Total liabilities and stockholders’ equity7,000,000

Additional information:

1. The receivables turnover for 2013 is 10 times.

2. All sales are on account.

3. The profit margin for 2013 is 14.5%.

4. Return on assets is 22% for 2013.

5. The current ratio on December 31, 2013, is 3.0.

6. The inventory turnover for 2013 is 4.8 times.

Instructions

Compute the missing information given the ratios above. Show computations. (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.)