Question #3
Compute the missing amounts, and complete the statements of the Corey Co
COREY COMPANY
BALANCE SHEET
AS OF DECEMBER 31, 2018
Cash	?		Current Liabilities	?
Accounts Receivable (Net)	?		8.95% Long-Term Bonds Payable	2,000,000
Inventory	?		Common Stock	?
PPE (Net)	?		Retained Earnings	550,000
Total Assets	?		Total Liabilities and Stockholders' Equity	4,500,000
COREY COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2018
Net Sales				?
Cost of Goods Sold				?
Gross Profit				?
SGA Expenses				?
Income from Operations				?
Interest Expense on Bonds Payable				?
Income before Income Taxes				?
Income Tax Expense				?
Net Income				383,000
The following information is available about Corey Company's financial statements:
1. The Accounts Receivable Collection Period (DRO) is 48.5 Days
2. The Days Inventory Outstanding (DIO) is 51.3 Days
3. The Current Ratio for the company is 1.86
4. The Net Profit Margin for the company is 11.3%
5. The Operating Profit Margin for the company is 20.66%
6. The Gross Profit Margin for the company is 43.5%
7. The Return on Common Equity for the company is 19.6%
8. The Income Tax Rate for the company is 26.5%