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Presented below is the information for Wildhorse Corp. 1. Assume average balances equal ending balances for the purpose of this exercise. 2. The receivables turnover
Presented below is the information for Wildhorse Corp.
1. | Assume average balances equal ending balances for the purpose of this exercise. | |
2. | The receivables turnover ratio is 12.1 times and net credit sales are $1,948,100. | |
3. | The inventory turnover ratio is 5 times and cost of goods sold is $1,265,000. | |
4. | The current ratio is 2:1. | |
5. | The debt to total assets ratio is 50%. |
Calculate the missing information using the ratios and complete the balance sheet for Wildhorse Corp. (Hint: Start with one ratio and get as much information as possible from it before trying another ratio. You may not be able to calculate the missing amounts in the same sequence as they are presented below.)
WILDHORSE CORP. Balance Sheet December 31, 2021 | ||
Assets | ||
Current assets | ||
Cash | $19,770 | |
Accounts receivable | ||
Inventory | ||
Total current assets | 433,770 | |
Non-current assets | 435,170 | |
Total assets | $ | |
Liabilities and Shareholders Equity | ||
Current liabilities | $ | |
Non-current liabilities | ||
Total liabilities | ||
Shareholders equity | ||
Total liabilities and shareholders equity | $ |
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