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Complete the balance sheet for General Aviation, Inc. based on the following financial data. Balance Sheet General Aviation, Inc. December 31, 2013 Instead of filling
Complete the balance sheet for General Aviation, Inc. based on the following financial data. Balance Sheet General Aviation, Inc. December 31, 2013 Instead of filling in all Cash the blank spaces at left, Marketable securities $ 8005 Calevate only the following Accounts receivable (6) Accounts Receivable Inventories Total current assets (6) Total Assets Gross fixed avets C) Current Liabilities Less Accumulated depreciation Net fixed assets : $50,000 d) Cost of Goods Sold Total assets Also: Ic Inventory Liabilities and Stockholders' Equity Accounts payable Notes payable Accruals $18,800 (h) Total Equity Total current liabilities Long-term debts (NOTF: Some of the later calenta Total liabilities Cations may require using Stockholders' equity results of earlier calculations Preferred stock 2,421 Common stock at par 27000 Paid-in capital in excess of par 90.800 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $28.800 if) Total Dent (5) long-term Debit 6600 Key Financial Data (2005) 1. Sales totaled $400,000. 2. The gross profit margin was 34.0 percent. 3. Inventory turned 6 times. 4. There are 360 days in a year. 5. The average collection period was 40 days. 6. The current ratio was 2.10. 7. The total asset turnover was 2.9. 8. The debt ratio was 46 percent. 9. Total current assets equal $165,000
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