Question 3 of 3 - / 35 MI Presented below is an incomplete income statement and incomplete comparative statements of financial position of Oriole ASA. Additional information: 1 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 tumover for 2020 is 4.9 times. 4. 5. 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 -735 E 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 Net sales 12,390,000 Cost of goods sold Gross profit Operating expenses 1.770.000 Income from operations Interest expense Income before income taxes Income tax expense 649.000 Question 3 of 3 -/35 HIL Income tax expense 649.000 Net income Oriole ASA Statements of Financial Position Assets 2020 2019 5.451.600 5.138.900 Plant assets (net) Current assets Inventory 2.029.600 Accounts receivable (net) 1.239.000 Cash 566.400 442,500 Total current assets 3,711.100 Question 3 of 3