Your boss found out that you are now an accounting whiz and needs you to calculate some figures. Review the following Income Statement and Balance Sheet for XYZ Corporation, then fill in the blanks. Here is some information to help you: (all figures in 000s): (2 points) The Companys Cost of Goods Sold is 60% XYZ pays 20% of its income in taxes

Inventory turnover is 3.0 Income Statement

Net Sales $500,000

Cost of Goods Sold $______

Gross Profit $

Operating Expenses $50,000

Operating Income $

Income Tax Expense $______

Net Income $

Balance Sheet

Assets

Cash $

Accounts Receivable $80,000

Inventory $ Property, Plant and Equipment $150,000

Total Assets $

Liabilities

Accounts Payable $100,000

Long Term Debt $_______

Total Liabilities $300,000

Stockholders Equity $50,000

Current Stock Price $32.33

Shares Outstanding 20,000