Problem 18-7A 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 profit 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 Cost of goods sold Gross profit Operating expenses Income from operations Other expenses and losses $15,950,000 2.414.250 Interest expense Income before income taxes Income tax expense Net income 812,000 DEINES CORPORATION Balance Sheets Assets 2017 2016 Current se s 652 500 5 543 750