Financial Statement Essay

The following information is provided in the 2011 annual report to shareholders of
paris-perfume.com:
Required: Compute the missing amount in the paris-perfume.com financial statement
information, indicated by ??? in the table above.

December 31, 2011             December 31, 2010

Accounts receivable                          ???                     $100 million
Inventory                                        $70 million               $30 million
Other assets                                      ???                    $170 million
Total assets                                       ???                     $300 million
Total liabilities                                    ???                     $100 million
Total stockholders’ equity                 ???                      $200 million

For the year ended Dec. 31, 2011

Net sales                                              ???
Cost of goods sold                                ???
Net income                                        $40 million
Return on assets                               10%
Receivables turnover                           8.0
Inventory turnover                              12.0
Asset turnover                                     2.5
Return on stockholders’ equity            20%
Profit margin on sales                          4%

 

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