The following information is available on the Vanier Corporation: BALANCE SHEET AS OF DECEMBER 31,…


Question Description:

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The following information is available on the Vanier Corporation: BALANCE SHEET AS OF DECEMBER 31, 20X6 (in thousands) BALANCE SHEET AS OF DECEMBER 31, 20X6 (in thousands) BALANCE SHEET AS OF DECEMBER 31, 20X6 (in thousands) BALANCE SHEET AS OF DECEMBER 31, 20X6 (in thousands) Cash and marketable securities $500 Accounts payable $400 Accounts receivable ? Bank loan ? Inventories ? Accruals 200 Current assets ? Current liabilities ? Long-term debt 2,650 Net fixed assets ? Common stock and retained earnings 3,750 Total assets ? Total liabilities and equity ? INCOME STATEMENT FOR 20X6 (in thousands) INCOME STATEMENT FOR 20X6 (in thousands) Credit sales $8,000 Cost of goods sold ? Gross profit ? Selling and administrative expenses ? Interest expense 400 Profit before taxes ? Taxes (44% rate) ? Profit after taxes ? OTHER INFORMATION OTHER INFORMATION Current ratio 3 to 1 Depreciation $500 Net profit margin 7% Total liabilities/shareholders’ equity 1 to 1 Average collection period 45 days Inventory turnover ratio 3 to 1 Assuming that sales and production are steady throughout a 360-day year, complete the balance sheet and income statement for Vanier Corporation.

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