Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete the Balance Sheet below based on the given information begin{tabular}{l|l|} hline Cash & Securities & $60,000 hline Accounts Receivable & hline Inventory
Complete the Balance Sheet below based on the given information \begin{tabular}{l|l|} \hline Cash \& Securities & $60,000 \\ \hline Accounts Receivable & \\ \hline Inventory & \\ \hline Total current Assets & \\ \hline Gross Fixed Assets & \\ \hline Accumulated Depreciation & $200,000 \\ \hline Net Fixed Assets & \\ \hline Total Assets & \\ \hline \end{tabular} \begin{tabular}{l|c|} \hline Accounts Payable & \multicolumn{1}{c|}{120,000} \\ \hline Short-term Notes Payable & \multicolumn{1}{|c|}{80,000} \\ \hline Accrued Liabilities & $ \\ \hline Total Current Liabilities & \\ \hline Long-Term Debt & \\ \hline Total Debt & \\ \hline Stockholder's Equity & $ \\ \hline Total Liabilites and Equity & \\ \hline \hline \end{tabular} Assumptions: Sales =$2,190,000 Gross profit margin =35% Inventory Turnover =7.3 365 days per year DSO=45. days Current ratio =1.40 Total Asset Turnover =1.20 Debt Ratio = Total Liabilities / Total Assets =60%
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