Problem 147A Your answer is partially correct. Try again. An incomplete income statement and an incomplete comparative balance sheet of Deines Corporation are presented below. Additional information: 1. The accounts receivable turnover for 2017 is 10 times. 2. All sales are on account. 3. The prot margin for 2017 is 14.5%. 4. Return on assets is 22% for 2017. 5 The current ratio on December 31, 2017, is 3.0. 6 The inventory turnover for 2017 is 4.8 times. Compute the missing information given the ratios above. DEINES CORPORATION Income Statement For the Year Ended December 31, 2017 Net sales $13,860,000 Cost of goods sold 801360 _ X Gross profit I 5846400 I =J Operating expenses 2,097,900 Income from operations 3748500 Other expenses and losses Interest expense 1033200 . Income before Income taxes 2715300 Income tax expense 705,600 _ El Net Income $| 2007900 I DEIN ES CORPORATION Balance Sheets December 3 1 Current assets Cash $ 567,000 $ 472,500 Accounts receivable (net) 1575000 1,197,000 Inventory | 1171800 I 2,167,200 Total current assets 3313800 3,836,700 Plant assets (net) 5,821,200 4,983,300 X Total assets $ 9135000 $8,820,000 3' Current liabilities $ 1 104500 $1,039,500 Long-term notes payable x 3746400 3,528,000 Total liabilities x 4851000 4,567,500 Common stock, $1 par 3,780,000 3,780,000 Retained earnings 504,000 472,500 Total stockholders' equity 4,284,000 4,252,500 E Total liabilities and stockholders' equity $| 9135000 I $8,820,000