# Financial Accounting: P15-7A Presented below is an incomplete income statement (Cotte)

**Financial Accounting**

**P15-7A**

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

Additional information:

1. The receivables turnover for 2011 is 10 times.

2. All sales are on account.

3. The profit margin for 2011 is 14.5%.

4. Return on assets is 22% for 2011.

5. The current ratio on December 31, 2011, is 3.0.

6. The inventory turnover for 2011 is 4.8 times.

Instructions

Compute the missing information given the ratios above. (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 the information.)

You'll get 1 file (14.7KB)