!! Presented below is an incomplete income statement and incomplete comparative statements of financial position of Orlole ASA Additional information: 1 BEE 2. 3. The accounts receivable turnover for 2020 is 8 times All sales are on account The profit margin for 2020 is 14.5% Return on assets is 20% for 2020 The current ratio on December 31, 2020, is 2.5. The inventory turnover for 2020 is 4.9 times. 4 S. 6. 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) Oriole ASA Income Statement For the Year Ended December 31, 2020 8.75/35 = Oriole ASA Income Statement For the Year Ended December 31, 2020 Net sales 12,390,000 Cost of goods sold 7682833 Gross profit 4707167 Operating expenses 1.770,000 Income from operations 2937167 Interest expense 491617 Income before income taxes 2445550 Income tax expense 649,000 Net Income 1796550 Orlole ASA Statements of Financial Position For the Month Ended December 31 Assets 2020 2019 Plant assets (net) 5,451,600 5,138,900 Current assets Inventory 1106250 2.029.600 MAS Accounts receivable (net) 1858500 1,239,000 Cash 566.400 442.500 Total current assets 3531150 3.711.100 Total assets 8982750 8,850,000 Equity and Liabilities 16 Total assets 8982750 8,850,000 Equity and Liabilities Share capital-ordinary, 1 par Retained earnings Total equity 3,540,000 3.540,000 472.000 442.500 4.012,000 3,982,500 Long-term notes payable 3558200 3,894,000 Current liabilities 1412460 973,500 Total liabilities 4970750 4,867,500 Total equity and liabilities 8982950 8,850,000 Save for Later Attempts: 1 of 3 used Submit