Compute the missing amounts, and complete the statements of the Cyrus Co
(Hint: Complete the Income Statement first)
CYRUS COMPANY
BALANCE SHEET
AS OF DECEMBER 31, 2017
Cash	?		Current Liabilities	?
Accounts Receivable (Net)	?		8.95% Long-Term Bonds Payable	2,000,000
Inventory	?		Common Stock	?
PPE (Net)	?		Retained Earnings	550,000
Total Assets	?		Total Liabilities and Stockholders' Equity	4,500,000
CYRUS COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2017
Net Sales				?
Cost of Goods Sold				?
Gross Profit				?
SGA Expenses				?
Income from Operations				?
Interest Expense on Bonds Payable				?
Income before Income Taxes				?
Income Tax Expense				?
Net Income				383,000
The following information is available about Cyrus Company's financial statements:
1. The Accounts Receivable Collection Period (DRO) is 48.5 Days
2. The Days Inventory Outstanding (DIO) is 51.3 Days
3. The Current Ratio for the firm is 1.86
4. The Net Profit Margin for the firm is 11.3%
5. The Operating Profit Margin for the firm is 20.66%
6. The Gross Profit Margin for the firm is 43.5%
7. The Return on Common Equity for the firm is 19.6%
8. The Income Tax Rate for the firm is 26.5%

Answer rating: 100% (QA)

Calculations for Income Statement 1 Net Income Income before Income Taxes 1 tax rate 383000 Income before Income Taxes 1 0265 Income before Income Taxes 383000 0735 521088 2 Income Tax ... View the full answer