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Really need help! Please show all the work, explains include if necessary. Thank you! Part B (18 marks Presented here are an incomplete income statement
Really need help! Please show all the work, explains include if necessary. Thank you!
Part B (18 marks Presented here are an incomplete income statement and an incomplete balance sheet of Viceroy Corporation: Viceroy Corporation Income Statement For the year ended December 31,2015 Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense ncome before income taxes Income taxes Net income $11,000,000 iceroy Corporation Balance Sheet As at December 31 2015 2014 Assets: Cash Accounts receivable (net) Inventory Total Current Assets Property and equipment, net Total Assets 450,000 $ 375,000 950,000 S3,045,000 $7,000,000 4.620,000 $ 0) Liabilities and Shareholders' Equity Liabilities s(k) $(m) $3,000,000 825,000 2,800,000 $3,625,000 Current liabilities Long-term liabilities Total liabilities Shareholders' Equity Common shares $3,000,000 375,000 $3,375,000 $7,000,000 Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity$(n) 400,000 $3,400,000 Additional information: 1. The accounts receivable turnover for 2015 is 10 times. 2. All sales are on account 3. The gross profit percentage is 36.73%. 4. The net profit margin for 2015 is 14.5%. 5. Return on assets is 22% (use net income after tax) 6. The current ratio on December 31, 2015 is 3:1 7. The inventory turnover for 2015 is 6.444 times Required: Calculate the missing information using the ratios (1 mark each). Round your answers to the nearest thousand dollars. Use ending balances (for 2015) instead of average balances where averages are required for ratio calculations. Show your calculations. (Hint: Start with one ratio and derive as much information as possible from it before trying another ratio. You will be not be able to calculate the missing amounts in the same sequence as they are presented above.,) Put your answers here: a. k. d. e. m. n. g. hStep by Step Solution
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