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Please show work! 5-15. From the values of the different ratios that follow, calculate the missing balance sheet items and complete the balance sheet. Sales
Please show work!
5-15. From the values of the different ratios that follow, calculate the missing balance sheet items and complete the balance sheet. Sales $100,000 Average Collection Period 55 days Inventory Turnover 15 Debt to Assets Ratio .4 or 40% Current Ratio 3 Total Asset Turnover 1.6 Fixed Asset Turnover 2.9 Assets $ 6,000 Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Fixed Assets Liabilities + Equity Accounts Payable $ 6,000 Notes Payable Accrued Expenses 600 Total Current Liabilities Bonds Payable Common Stock 16,000 Retained Earnings Total Liabilities + Equity Total AssetsStep by Step Solution
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