ABC, Inc., had sales totaling 40,000,000 in fiscal year 2020.
Some ratios for the company are listed below. Use this information
to determine the values of various income statement and balance
sheet accounts as requested. ABC, Inc. Year Ended December 31, 2020
Sales 40,000,000 Gross profit margin 80% Operating profit margin
35% Net profit margin 8% Return on total assets 16% Return on
common equity 20% Total asset turnover 2 Average collection period
62.2 days Calculate values for the following: a. Gross profits b.
Cost of goods sold c. Operating profits d. Operating expenses e.
Earnings available for common stockholders f. Total assets g. Total
common stock equity h. Accounts receivable
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