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The following ratios are computed from the financial statements of the Coates Company. Compute the missing amounts on the firm's financial statements. Quick Ratio 1.0

The following ratios are computed from the financial statements of the Coates Company. Compute the missing amounts on the firm's financial statements.

Quick Ratio

1.0

Current Ratio

2.0

Accounts Receivable Turnover

12

Debt Ratio (Debt/Total Assets)

40%

Times Interest Earned

4 times

Inventory Turnover

8

Note: 1) For ratios that call for an average balance, use the year-end value only.

2) All sales were on credit.

Coates Company

Income Statement

For the year ended December 31, 2021

Sales

?

Less: Cost of Goods Sold

?

Gross Margin

1,000,000

Less: Operating Expenses

?

E.B.I.T.

?

Less: Interest Expense

100,000

Net Income Before Taxes

?

Less Taxes at 30%

?

Net Income

?

Coates Company

Balance Sheet

As of December 31, 2021

Cash

?

Accounts Receivable

?

Inventory

?

Total Current Assets

?

Plant and Equipment (net)

700,000

Total Assets

1,500,000

Accounts Payable (current liabilities)

?

Bonds Payable

?

Total Liabilities

?

Common Stock

300,000

Retained Earnings

?

Total Equity

?

Total Liabilities and Equity

?

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