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Compute the missing accounts balances of Mark Company's balance sheet using the following financial data: Current Ratio = 2 Inventory Turnover = 3.6 Days Sales
Compute the missing accounts balances of Mark Company's balance sheet using the following financial data: Current Ratio = 2 Inventory Turnover = 3.6 Days Sales Outstanding = 40 days Fixed Assets Turnover = 4.5 Total Assets Tumover= 1.2 The calculation is based on a 360-day year. $40,000 Balance Sheet: Cash Accounts Receivable Inventory Equipment Total Assets Accounts Payable Common Stock Retained Earnings 60,000 40,000 Total Liabilities and Stockholders 'Equity Accounts Receivable amount is: $19,726 $20,000 $45,000 O None of the above Inventory amount is: O $5,000 $32,000 $50,000 None of the above Total Assets amount is: $150,000 O $180,000 O $216,000 O None of the above * Accounts Payable amount is: O $30,000 O $55,000 O $110,000 O None of the above Retained Earnings amount is: * $56,000 O $60,000 $65,000 O None of the above * Total Liabilities and Stockholders' Equity amount is: $150,000 $180,000 O $216,000 O None of the above
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