Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation.

Additional information:
1. The receivables turnover for 2014 is 10 times.
2. All sales are on account.
3. The profit margin for 2014 is 14.5%.
4. Return on assets is 20% for 2014.
5. The current ratio on December 31, 2014, is 3.0.
6. The inventory turnover for 2014 is 4.2 times.
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.)

Bondi Corporation Income Statement For the Year Ended December 31, 2014 Net sales Cost of goods sold Gross proft Operating expenses Income from operations Othe 10,500,000 1,500,000 r expenses and losses Interest expense Income before income taxes Income tax expense Net income 550,000 Bondi Corporation Balance Sheets December 31 Assets 2014 2013 Current assets Cash Accounts receivable (net) Inventory 480,000 375,000 950,000 1,720,000 3,045,000 4,455,000 $7,500,000 Total current assets Plant assets (net) Total assets 4,620,000 Assets Liabilities and Stockholders' Equity Current liabilities Long-term notes payable 2014 2013 825,000 3,300,000 4,125,000 3,000,000 375,000 3,375,000 $7,500,000 Total liabilities Common stock, $1 par Retained earnings 3,000,000 400,000 3,400,000 Total stockholders' equity Total labilities and stockholders' equity2