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Fundamental accounting Full question Refer the following table. Selected Financial Information for Hope Bicycle Recycle Corporation From Fiscal 2020 Net sales (all credit) $600, 000

Fundamental accounting Full question

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Refer the following table. Selected Financial Information for Hope Bicycle Recycle Corporation From Fiscal 2020 Net sales (all credit) $600, 000 Liabilities to total assets 1 to 2 Income taxes $ 3,000 Profit $ 46, 000 Average collection period 64. 58 days PPE asset turnover 3 times Inventory turnover 5 times Expenses (including taxes of 40%) $124,000 Current ratio 2 to 1 Total asset turnover 1.5 times Retained earnings, Jan. 1, 2020 $ 15, 000 Required: Complete the balance sheet for Hope Bicycle Recycle Corporation whole number. Use 365 days a year.) HOPE BICYCLE RECYCLE CORPORATION Balance Sheet December 31, 2020 Assets Cash Accounts receivable, net Inventory Plant and equipment, net Total assets $ 0 Liabilities and Equity Current liabilities 12% bonds payable Common shares Retained earnings Total liabilities and equity 0

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