Rustom Towels had sales equal to 40,000,000 in fiscal year 2012. Some ratios for the company are listed below. Use this information to determine the dollar values of various income statement and balance sheet accounts as requested. (12 Marks)

Rustom Towels

Year Ended December 31, 2012

Sales 40,000,000

Gross profit margin 80%

Operating profit margin 35%

Net profit margin 8%

Return on total assets 16%

Return on common equity 20%

Total asset turnover 2

Average collection period 62.2 days

Calculate values for the following:

a. Gross profits

b. Cost of goods sold

c. Operating profits

d. Operating expenses

e. Earnings available for common stockholders

f. Total assets

g. Total common stock equity

h. Accounts receivable