Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance Sheet Fill - in Complete the Balance Sheet below based on the given information Cash & Securities $ 6 0 , 0 0 0

Balance Sheet Fill-in
Complete the Balance Sheet below based on the given information
Cash & Securities $60,000
Accounts Receivable
Inventory
Total current Assets
Gross Fixed Assets
Accumulated Depreciation $200,000
Net Fixed Assets
Total Assets
Accounts Payable $120,000
Short-term Notes Payable
Accrued Liabilities $80,000
Total Current Liabilities
Long-Term Debt
Total Liabilities
Stockholder's Equity $730,000
Total Liabilites and Equity
Assumptions:
Sales = $2,190,000
Gross profit margin =35%
Inventory Turnover =7.3
365 days per year
DSO =45. days
Current ratio =1.38
Total Asset Turnover =1.20
Debt Ratio = Total Liabilities/Total Assets =60%
Round answer to the nearest dollar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappett

23rd edition

1259536351, 978-1259536359

More Books

Students also viewed these Accounting questions

Question

=+in order to earn $10,000 for each band member?

Answered: 1 week ago