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

## Question:

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

INCOME STATEMENT FOR 20X6 (IN THOUSANDS)
Credit sales€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦..\$8,000
Cost of goods sold€¦€¦€¦€¦€¦€¦€¦€¦. ?
Gross profit€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦. ?
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...

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Related Book For

## Fundamentals Of Financial Management

ISBN: 9780273713630

13th Revised Edition

Authors: James Van Horne, John Wachowicz

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