A comparative incomplete balance sheet for ABC Company containing data in for the last recent years is as follows:

The company reported for the current year 20X1 the following incomplete income statement:

Additional information: - The accounts receivable turnover ratio for 20X1 is 8 times - All sales are on account - The net profit margin for 20X1 is 14.5% - Return on total assets (do not add back interest expense in the computation and use net income instead) is 20% in 20X1 - The current ratio on December 31, 20X1, is 2.5 - The inventory turnover ratio (based on cost of goods) for 20X1 is 4.9

Compute the missing values on the incomplete comparative balance sheet and the incomplete income statement of ABC Company.

20X1 Comparative Balance Sheet Liabilities & Stockholders' 20X0 Equity Stockholders' equity: 4,540,000 Common stock 20X1 20X0 4,820,000 3,000,000 3,000,000 Assets Fixed assets: Property, plant and equipment Less accumulated depreciation Net property, plant and equipment (200,000) (185,000) Retained earnings 400,000 375,000 4,620,000 3,400,000 3,375,000 4,620,000 term 4,355,000 Total stockholders' equity 4,355,000 Long liabilities: Long-term debt Total long-term 375,000 liabilities 1,050,000 Current liabilities: ? 3,300,000 ? Total fixed assets Current assets: Cash and cash equivalents Accounts receivables Inventories Total current assets 3.300.000 480,000 ? ? ? ? ? 825,000 825,000 1,720,000 Accounts payable 3,145,000 Total current liabilities Total liabilities 7,500,000 Total liabilities & stockholders' equity ? ? Total assets 4,125,000 7,500,000 Income Statement Sales Cost of goods Gross margin Selling and administrative expenses Net operating income Interest expenses Income before taxes Tax expenses Net income 10,500,000 (?) ? (1,500,000) (?) ? ? (550,000) (?)