Question
Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) (Use
Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) (Use a 360-day year. Do not round intermediate calculations.)
| Yearly sales (credit) | $ | 369,000 | ||
| Inventory turnover | 9 | times | ||
| Current liabilities | $ | 57,000 | ||
| Current ratio | 3 | |||
| Average collection period | 36 | days | ||
Partial Balance Sheet
Current assets:
Cash:
Accounts receivable:
Inventory:
Total current assets:
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Financial Management For Public Health And Not For Profit Organizations
Authors: Steven A. Finkler
4th International Edition
0132912813, 9780132912815
