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(Solution) - Presented below is an incomplete income statement and an incomplete comparative

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Item details:

Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation.


Additional information:
1. The receivables turnover for 2013 is 10 times.
2. All sales are on account.
3. The profit margin for 2013 is 14.5%.
4. Return on assets is 22% for 2013.
5. The current ratio on December 31, 2013, is 3.0.
6. The inventory turnover for 2013 is 4.8 times.
Instructions
Compute the missing information given the ratios above. Show computations. (Note: Start with one ratio and derive as much information as possible from it before trying another ratio. List all missing amounts under the ratio used to find theinformation.)

 







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This question was answered on: Jul 11, 2017

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