Question
Complete the balance sheet and sales data (fill in the blanks), using the following financial data: Debt/net worth 60% Acid test ratio 1.2 Asset turnover
Complete the balance sheet and sales data (fill in the blanks), using the following financial data: Debt/net worth 60% Acid test ratio 1.2 Asset turnover 1.5 times Day sales outstanding in accounts receivable 40 days Gross profit margin 30% Inventory turnover 6 times Balance sheet Cash ________ (8 marks) Accounts payable ________ (8 marks) Accounts receivable ________ (8 marks) Common stock $15,000 Inventories ________ (8 marks) Retained earnings $22,000 Plant & equipment ________ (8 marks) Total assets ________ (8 marks) Total liabilities ________ (8 marks) & capital Sales ________ (8 marks) Cost of goods sold ________.
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