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EX1. Use the following information to complete next balance sheet. - Long term debt to equity 0.50. Total asset turnover 2.5 times. - Average collection

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EX1. Use the following information to complete next balance sheet. - Long term debt to equity 0.50. Total asset turnover 2.5 times. - Average collection period 18 days. - Inventory turn-over 9 times. - Gross profit margin 0.10 - Acid-test ratio 1 Assets Equity Cash ??? Notes payable 100,000 Accounts receivable ??? Long-term debt ??? Inventory ??? Common stock 100,000 Equipment ??? Retained earnings 100,000 Total Assets ??? Total & liabilities ??? Equity

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