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i need explanation on how to get to the answer for the picture I posted. There is only answers but no explanation. Number of sha

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i need explanation on how to get to the answer for the picture I posted. There is only answers but no explanation.

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Number of sha res outstanding 15,000 Average collection period (days) 60 Sales $200,000 Accounts payable days 90 Gross profit margin 20% Retained earnings (2018) $23,700 Inventory turnover ratio 4 Dividend payout ratio 80% Notes payable $10,000 Accruals $5,000 Net profit margin 15% Current ratio 1.5 Return on assets 7.5% Debt ratio 40% Note: Of total sales, 60 percent are on credit and the remainder are cash sales. Assume a 360-day year. All data in the table above, unless otherwise stated, is for the year 2019. Hodun, lnc. Balance Sheet for the Year Ending December 31, 2019 Cash Notes payable Accounts receivable Accounts payable Inventory Accruals Net xed assets Longterm debt Total assets Common stock ($2 par value) Capital surplus Retained earnings Total liabi & equity 31. Cash = 32. Long-term debt = 33, Total assets = For 31 - 34: (use information given to ll in the balance sheet) NOTE: Since sales = 200,000 and gross prot margin = 20%, COGS = 160,000. Also, since net prot margin = 15% and sales = 200,000, net income = 30,000 Hodun, Inc. Balance Sheet for the Year Ending December 31, 2019 Cash 22,500 Notes payable 10,000 Accounts receivable 20,000 Accounts payable 40,000 Inventory 40,000 Accruals 5,000 Net xed assets 317,500 Long-term debt 105,000 Total assets 400,000 Common stock ($2 par value) 30,000 Capital surplus 180,300 Retained earnings 29,700 Total liab. & equity 400,000 31. Cash = 22,500 32. Long-tam debt = 105,000 33. Total assets : 400,000 34. Capital surplus = 180,300

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