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The following information is available on the Vanier Corporation: BALANCE SHEET AS OF DECEMBER 31, 20X6 (IN THOUSANDS) INCOME STATEMENT

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The following information is available on the Vanier Corporation:
BALANCE SHEET AS OF DECEMBER 31, 20X6 (IN THOUSANDS)
The following information is available on the Vanier Corporation:BALANCE SHEET

INCOME STATEMENT FOR 20X6 (IN THOUSANDS)
Credit sales€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦..$8,000
Cost of goods sold€¦€¦€¦€¦€¦€¦€¦€¦. ?
Gross profit€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. ?
Selling and administrative expenses€¦€¦ ?
Interest expense€¦€¦€¦€¦€¦€¦€¦€¦€¦.. 400
Profit before taxes€¦€¦€¦€¦€¦€¦€¦€¦... ?
Taxes (44% rate)€¦€¦€¦€¦€¦€¦€¦€¦€¦.. ?
Profit after taxes€¦€¦€¦€¦€¦€¦€¦€¦€¦.. ?
OTHER INFORMATION
Current ratio€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦ 3 to 1
Depreciation€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦... $500
Net profit margin€¦€¦€¦€¦€¦€¦€¦€¦€¦ 7%
Total liabilities/shareholders' equity€¦€¦ 1 to 1
Average collection period€¦€¦€¦€¦€¦€¦45 days
Inventory turnover ratio€¦€¦€¦€¦€¦€¦... 3 to 1
Assuming that sales and production are steady throughout a 360-day year, complete the balance sheet and income statement for Vanier Corporation.

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally.    Inventory Turnover Ratio FormulaWhere,... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:

S400 Cash and marketable securities Accounts receivable Inventories Current assets S500 ? Bank loan ? Accruals ? Current liabilities Accounts payable 200 Long-term debt 2,650 ? Common stock and retained earnings 3,750 ? Total liabilities and equity Net fixed assets Total assets

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Profit after taxes Sales Net profit margin 8 000 0 07 560 Profit before taxes 560 1 Tax rate 56…View the full answer


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Fundamentals Of Financial Management

Fundamentals Of Financial Management

ISBN: 9780273713630

13th Revised Edition

Authors: James Van Horne, John Wachowicz

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Question Posted: December 07, 2015 05:40:07
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