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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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