Presented below is an in-completed income statement for Riverdance Limited.
RIVERDANCE LIMITED
Income Statement
Year Ended December 31, 2014
Net sales ..................................... (a)
Cost of goods sold ......................... (b)
Gross profit................................... (c)
Operating expenses .......................... (d)
Profit before income taxes ................. (e)
Income tax expense ........................ (f)
Profit ......................................... (g)
Additional information:
1. The asset turnover is 3 times and average total assets are $100,000.
2. The gross profit margin is 40%.
3. The income tax rate is 25%.
4. The profit margin is 15%.
Instructions
Calculate the missing information using the ratios?