Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation. Additional information: 1. The accounts receivable 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. 6. The inventory turnover for 2014 is 4.2 times. Compute the missing information given the ratios above. (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 $13,860,000 Cost of goods sold ? Gross profit ? Operating expenses 1,980,000 Income from operations ? Other expenses and losses ? Interest expense Income before income taxes ? Income tax expense 726,000 Net income $ ? BONDI CORPORATION Balance Sheets December 31 Assets 2014 2013 Current assets Cash $ 633,600 $ 495,000 Accounts receivable (net) ? 1,254,000 Inventory ? 2,270,400 Total current assets ? 4,019,400 Plant assets (net) 6,098,400 5,880,600 Total assets ? $ $9,900,000 Liabilities and Stockholders