Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Balance Sheet as at 31 December 2018 Cash 100,000 Notes Payable Q Accounts Receivable Q Accounts payable 80,000 Inventory Q Total Current Liabilities Q Total
Balance Sheet as at 31 December 2018
Cash | 100,000 | Notes Payable | Q |
Accounts Receivable | Q | Accounts payable | 80,000 |
Inventory | Q | Total Current Liabilities | Q |
Total Current Assets | 300,000 | Long Term Debt | Q |
Fixed Assets | 400,000 | Common Equity | Q |
Total Assets | 700,000 | Total Liabilities and equity | Q |
Additional information:
Sales RM500,000
Average Collection Period 120 days
Debt Ratio 50%
Current Ratio 2.5X
Based on the information above, fill up the total amounts of each of the item marked as Q in the above said balance sheet for year ending 31 December 2018.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started