Answer:
Net Sales = $71,100
Cost of Goods Sold = $41,400
Net Income = $12,320
Explanation:
Accounts Receivable Turnover = Net Sales / Average Accounts Receivable
9 = Net Sales / $7,900
Net Sales = $7,900 x 9
Net Sales = $71,100
Inventory Turnover = Cost of Goods sold / Average Inventory
6 = Cost of Goods Sold / $6,900
Cost of Goods Sold = $6,900 x 6
Cost of Goods Sold = $41,400
Return on total assets = Net Income / average total Assets
14% = Net Income / $88,000
Net Income = $88,000 x 14%
Net Income = $12,320
