Question: Your assistant has just provided you with your companys latest financial results. Unfortunately, several of the numbers are smudged and unreadable. They are each represented
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Determine the missing amounts above. (Round amounts to the nearestdollar.)
Balance sheet (as of month-end) Cash Accounts receivable Merchandise inventory Buildings and equipment Accumulated depreciation Investments, long-term Land Total assets Income statement (as of month-end) $ 482 Sales revenue $10,377 (a) Cost of goods sold (b) Gross profit $3,411 Operating expenses: (922) Advertising 250 Depreciation 980 $350 500 Rent S (c)Wages 376 $1,945 Income before taxes Income taxes (35%) Accounts payable Notes payable, long-term Common stock Retained earnings $ 977 (d) Net income 3,400 1,491 $ (e) Total liabilities and equity Summary ratio values 1. Accounts receivable turnover 2. Inventory turnover 3. Return on assets 4. Return on equity 5.62 7.15 18.27
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Missing item Amount Solution a Accounts receivable 1846 Sales accts rece... View full answer
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