Question
Complete the following balance sheet using the information given below. Round account balances to the nearest dollar. This question will be marked out of 36.
Complete the following balance sheet using the information given below. Round account balances to the nearest dollar. This question will be marked out of 36.
Income Statement |
| Ratios: |
| |
Sales (All Credit) | $ 80,000 | Return on Equity = | 12.5% | |
Cost of goods sold | $ 56,000 | Quick Ratio = | 1.2 | |
Operating expenses | $ 12,000 | Return on Total Assets = | 7.0% | |
Interest expense | $ 1,200 | Fixed Asset Turnover = | 1.6 | |
Taxes | $ 2,400 | Current Ratio = | 4 | |
Net income | $ 8,400 | Days Sales Outstanding = | 73 |
Balance Sheet | ||||
Cash |
| Accounts payable | ||
Accounts receivable |
| Short-term notes payable | $ 7,500 | |
Inventory |
| Current Liabilities |
| |
Current Assets |
|
| ||
| Long-term debt |
| ||
Net fixed assets |
| |||
| Common stock | $ 24,000 | ||
| Retained earnings |
| ||
| Total Equity |
| ||
Total assets |
| Total Liabilities and equity |
|
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