Question
Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation. 1. The receivables turnover for 2014 is 10 times.
Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation. 1. The receivables turnover for 2014 is 10 times. 2. All sales are on account. 3. The profit margin for 2014 is 14.5%. 4. Return on assets is 20% for 2014. 5. The current ratio on December 31, 2014, is 3.0. The inventory turnover for 2013 is 4.2 times. Compute the missing information given the ratios above. (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.)
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