Presented below is an incomplete income statement and an incomplete comparative balance sheet of Vienna Corporation:

Additional information:
1. The receivables turnover for 1996 is 10 times.
2. All sales are on account.
3. The profit margin for 1996 is \(14.5 \%\).
4. Return on assets is \(22 \%\) for 1996.

5. The current ratio on December 31, 1996, is 3:1.
6. The inventory turnover for 1996 is 4.8 times.
\section*{Instructions}
Compute the missing information given the ratios above. Show computations. (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.)

Transcribed Image Text:

VIENNA CORPORATION Income Statement For the Year Ended December 31, 1996 Sales Cost of goods sold Gross profit Operating expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income $11,000,000 1,665,000 ? ? ? 560,000 $ ?