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Financial Statement Essay

Question Description

I’m studying for my class and don’t understand how to answer this. Can you help me study?

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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Final Answer

Farrukh (866)
Cornell University

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