Trying to figure out how to do problems like these. So confused!

1. The receivables turnover for 2009 is 10 times.
2. All sales are on account.
3. The profit margin for 2009 is 14.5%.
4. Return on assets is 22% for 2009.
5. The current ratio on December 31, 2009, is 3.0.
6. The inventory turnover for 2009 is 4.8 times.

CORPORATION
Income Statement
For the Year Ended December 31, 2009

Sales $11,000,000
Cost of goods sold ?
Gross profit ?
Operating expenses 1,665,000
Income from operations ?
Other expenses and losses
Interest expense ?
Income before income taxes ?
Income tax expense 560,000
Net income $ ?

Balance Sheets
December 31
Assets: 2009 / 2008
Current assets
Cash $ 450,000 $ 375,000
Accounts receivable (net) ? 950,000
Inventory ? 1,720,000
Total current assets ? 3,045,000
Plant assets (net) 4,620,000 3,955,000
Total assets $ ? $7,000,000

Liabilities and Stockholders’ Equity
Current liabilities $ ? $ 825,000
Long-term notes payable ? 2,800,000
Total liabilities ? 3,625,000
Common stock, $1 par 3,000,000 3,000,000
Retained earnings 400,000 375,000
Total stockholders’ equity 3,400,000 3,375,000
Total liabilities and stockholders’ equity $ ? $7,000,000

To solve these problems, we need to analyze the given information step by step. Let's start with each question:

1. The receivables turnover for 2009 is 10 times.
-Receivables turnover is calculated by dividing net credit sales by the average net accounts receivable.
-We can calculate net credit sales by subtracting the cost of goods sold from the total sales.
-However, we don't have the cost of goods sold information, so we need to find it first.

2. All sales are on account.
-This means all sales are made on credit, not cash.

3. The profit margin for 2009 is 14.5%.
-Profit margin is calculated by dividing the net income by the total sales.

4. Return on assets is 22% for 2009.
-Return on assets is calculated by dividing net income by average total assets.
-We need to find the average total assets.

5. The current ratio on December 31, 2009, is 3.0.
-The current ratio is calculated by dividing current assets by current liabilities.
-We need to find the current liabilities.

6. The inventory turnover for 2009 is 4.8 times.
-Inventory turnover is calculated by dividing the cost of goods sold by the average inventory.
-We need to find the cost of goods sold and the average inventory.

Now let's go step by step to find the missing values for each problem.

To solve the problems and determine the missing values, you can use various financial ratios and formulas. Let's go through each problem one by one:

1. The receivables turnover for 2009 is 10 times.
Receivables turnover is calculated by dividing net credit sales by the average accounts receivable. Since all sales are on account, you can assume that net credit sales are equal to total sales for the year. Use the following formula: Receivables turnover = Net Credit Sales / Average Accounts Receivable. Rearrange the formula to solve for Average Accounts Receivable: Average Accounts Receivable = Net Credit Sales / Receivables turnover.

2. All sales are on account.
This statement is provided for information and doesn't require any calculation.

3. The profit margin for 2009 is 14.5%.
Profit margin is calculated by dividing net income by total sales and expressing it as a percentage. Use the following formula: Profit margin = (Net Income / Total Sales) * 100%.

4. Return on assets is 22% for 2009.
Return on assets (ROA) is calculated by dividing net income by average total assets, expressed as a percentage. Use the following formula: ROA = (Net Income / Average Total Assets) * 100%. Rearrange the formula to solve for Average Total Assets: Average Total Assets = Net Income / (ROA / 100%).

5. The current ratio on December 31, 2009, is 3.0.
Current ratio is calculated by dividing current assets by current liabilities. Use the following formula: Current Ratio = Current Assets / Current Liabilities.

6. The inventory turnover for 2009 is 4.8 times.
Inventory turnover is calculated by dividing cost of goods sold by average inventory. Use the following formula: Inventory turnover = Cost of Goods Sold / Average Inventory. Rearrange the formula to solve for Cost of Goods Sold: Cost of Goods Sold = Inventory turnover * Average Inventory.

To find the missing values in the given financial statements, you'll need to use the formulas and ratios mentioned above, along with the given values. Plug in the known values and solve for the missing values to complete the statements.