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Given the financial data and ratios listed below for the Atlanta Company, determine what Atlanta Company recorded as Notes payable on its 2012 balance sheet.
Given the financial data and ratios listed below for the Atlanta Company, determine what Atlanta Company recorded as Notes payable on its 2012 balance sheet. (Record your answer without a dollar sign, without commas, and if the answer is a negative number, use the minus sign followed by the number with no spaces between the minus sign and the number - thus record $3,643 as 3643 or negative 18 as - 18). $10,000 40% 4 times 8% 45 days Sales Gross profit margin Inventory turnover ratio Net profit margin Average collection period Return on equity (ROE) Return on assets (ROA) Cash Current ratio Accounts payable days 50% 20% $250 2.5 30 days Notes: Of total sales, 80 percent are on credit: 20% are cash sales. Use COGS for inventory turnover ratio. Assume a 360 day year. Atlanta Company Balance Sheet for Year Ending December 31, 2012 Cash Accounts receivable Inventory Net fixed assets Total assets Notes payable Accounts payable Long-term debt Equity Total liab. & equity
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