Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create a professionally formatted balance sheet for General Aviation for December 3 1 , 2 0 2 3 , using the following information givem, and

Create a professionally formatted balance sheet for General Aviation for December 31,2023, using the following information givem, and round up to the nearest dollar (follow guide given to the right).
1. Sales totaled $720,000.
2. The gross profit margin was 38.7 percent.
3. Inventory turned 6 times.
4. There are 360 days in a year.
5. The average collection period was 31 days.
6. The current ratio was 2.35.
7. The total asset turnover was 2.81.
8. The debt ratio was 49.4 percent.
9. Total current assets equal $159,565.
10. Cash was $8,005
11. Accumulated depreciation was $50,000
12. Accounts payable was $28,800
13. Accruals was $18,800
14. Preferred stock was $2,451
15. Common stock at par was $30,000
16. Paid in capital in excess of par was $6,400
17. Retained earnings was $90,800
Cash is $8,005
Accumulated depreciation is $50,000
Accounts payable is $28,800
ACcruals is $18,800
Preferred stock $2,451
Common stock at par is $ 30,000
Paid-in capital in excess of par is $6,400
Retained earnings is $90,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer To create a professionally formatted balance sheet for General Aviation as of December 31 202... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bank Management and Financial Services

Authors: Peter Rose, Sylvia Hudgins

9th edition

78034671, 978-0078034671

More Books

Students also viewed these Accounting questions

Question

Determine miller indices of plane X z 2/3 90% a/3

Answered: 1 week ago

Question

c. What did the listeners observe about the speakers?

Answered: 1 week ago

Question

3. To examine common concerns regarding being in group situations?

Answered: 1 week ago