Question
Given the following information, complete the balance sheet shown next. Collection period 66 days Days sales in cash 32 days Current ratio 2.3 Inventory turnover
Given the following information, complete the balance sheet shown next. Collection period 66 days Days sales in cash 32 days Current ratio 2.3 Inventory turnover 5 times Liabilities to assets 70% Payables period 37 days (All sales are on credit. All calculations assume a 365-day year. The payables period is based on cost of goods sold.)
Assets
Current assets:
Cash $1,500,000
Accounts receivable ?
Inventory 2,000,000
Total current assets ?
Net xed assets ?
Total assets $900,000
Liabilities and shareholders equity
Current liabilities:
Accounts payable ?
Short-term debt ?
Total current liabilities ?
Long-term debt ?
Shareholders equity ?
total liabilities and equity $9,000,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started