Cash Accounts receivable (net) Inventory Equipment (net) Total Assets OMICRON COMPANY Balance Sheet December 31 ?...

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Cash Accounts receivable (net) Inventory Equipment (net) Total Assets OMICRON COMPANY Balance Sheet December 31 ? Current liabilities ? 8% Bonds payable ? Common stock ? Retained earnings ? ? ? 950,000 $6,000,000 Total Liabilities and Stockholders' Equity $6,000,000 OMICRON COMPANY Income Statement For the Year Ended December 31 Sales revenue Cost of goods sold Gross profit Selling and administrative expenses ? ? ? ? Income before interest expense and income taxes Interest expense Income before income taxes 80,000 ? Income tax expense (30%) ? Net income $580,000 The following information is available about Omicron Company's financial statements: 1. Quickratio, 0.95. 2. Inventory turnover (inventory at January 1 was $924,000), 5 times. 3. Return on sales, 8.0 percent. 4. Accounts receivable turnover (accounts receivable (net) at January 1 were $860,000), 8 times. 5. Gross profit percentage, 32 percent. 6. Return on common stockholders' equity (common stockholders' equity at January 1 was $3,300,000), 16 percent. 7. The interest expense relates to the bonds payable that were outstanding all year. B P Required Compute the missing amounts, and complete the financial statements of Omicron Company. Hint: Complete the income statement first. Cash Accounts receivable (net) Inventory Equipment (net) Total Assets OMICRON COMPANY Balance Sheet December 31 ? Current liabilities ? 8% Bonds payable ? Common stock ? Retained earnings ? ? ? 950,000 $6,000,000 Total Liabilities and Stockholders' Equity $6,000,000 OMICRON COMPANY Income Statement For the Year Ended December 31 Sales revenue Cost of goods sold Gross profit Selling and administrative expenses ? ? ? ? Income before interest expense and income taxes Interest expense Income before income taxes 80,000 ? Income tax expense (30%) ? Net income $580,000 The following information is available about Omicron Company's financial statements: 1. Quickratio, 0.95. 2. Inventory turnover (inventory at January 1 was $924,000), 5 times. 3. Return on sales, 8.0 percent. 4. Accounts receivable turnover (accounts receivable (net) at January 1 were $860,000), 8 times. 5. Gross profit percentage, 32 percent. 6. Return on common stockholders' equity (common stockholders' equity at January 1 was $3,300,000), 16 percent. 7. The interest expense relates to the bonds payable that were outstanding all year. B P Required Compute the missing amounts, and complete the financial statements of Omicron Company. Hint: Complete the income statement first.