The following information is available on the Vanier Corporation: BALANCE SHEET AS OF DECEMBER 31, 20X6 (IN

Question:

The following information is available on the Vanier Corporation:
BALANCE SHEET AS OF DECEMBER 31, 20X6 (IN THOUSANDS)

INCOME STATEMENT FOR 20X6 (IN THOUSANDS)
Credit sales€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦..$8,000
Cost of goods sold€¦€¦€¦€¦€¦€¦€¦€¦. ?
Gross profit€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. ?
Selling and administrative expenses€¦€¦ ?
Interest expense€¦€¦€¦€¦€¦€¦€¦€¦€¦.. 400
Profit before taxes€¦€¦€¦€¦€¦€¦€¦€¦... ?
Taxes (44% rate)€¦€¦€¦€¦€¦€¦€¦€¦€¦.. ?
Profit after taxes€¦€¦€¦€¦€¦€¦€¦€¦€¦.. ?
OTHER INFORMATION
Current ratio€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ 3 to 1
Depreciation€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦... $500
Net profit margin€¦€¦€¦€¦€¦€¦€¦€¦€¦ 7%
Total liabilities/shareholders' equity€¦€¦ 1 to 1
Average collection period€¦€¦€¦€¦€¦€¦45 days
Inventory turnover ratio€¦€¦€¦€¦€¦€¦... 3 to 1
Assuming that sales and production are steady throughout a 360-day year, complete the balance sheet and income statement for Vanier Corporation.

Inventory Turnover Ratio
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