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P14-7 Presented below is an incomplete income statement and incomplete comparative statements of financial position of Bondi ASA BONDI ASA Income Statement For the Year Ended December 31, 2017 Net sales (10,500,000 Cost of goods sold ? Gross profit Operating expenses 1,500,000 Income from operations ? Interest expense Income before income taxes Income tax expense 550,000 Net income E ? BONDI ASA Statements of Financial Position December 31 Assets 2017 2016 Plant assets (net) $4,620,000 $4,355,000 Current assets Inventory 1,720,000 Accounts receivable (net) 1,050,000 Cash 480,000 375,000 Total current assets ? 3,145,000 Total assets E ? (7,500,000 Equity and Liabilities 2017 2016 Share capital-ordinary, El par E3,000,000 (3,000,000 Retained earnings 400,000 375,000 Total equity 3,400,000 3,375,000 Long-term notes payable 3,300,000 Current liabilities 825,000 Total liabilities 4,125,000 Total equity and liabilities E 7,500,000 Additional information: 1. The accounts receivable turnover for 2017 is 8 times. 2. All sales are on account. 3. The profit margin for 2017 is 14.5%. 4. Return on assets is 20% for 2017. 5. The current ratio on December 31, 2017, is 2.5. 6. The inventory turnover for 2017 is 4.9 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.)