Question
Provided below is the year-end balance sheet for ABC corporation. (08 Marks) ABC Corporation Balance Sheet Assets Liabilities and Stockholders Equity Cash 40,000 A/c Payable
Provided below is the year-end balance sheet for ABC corporation. (08 Marks) ABC Corporation Balance Sheet Assets Liabilities and Stockholders Equity Cash 40,000 A/c Payable ? A/c Receivable ? Long-Term Debt 200,000 Inventory ? Common stock ? Fixed assets Less: Acc dep. (200,000) ? Retained Earnings 50,000 Total Assets ? Total Liabilities and Stockholders Equity ? Calculate missing information in above balance sheet using the following supporting data: a. Accumulated depreciation is 40% of fixed assets cost. b. No. of outstanding shares is 20,000 with par value Rs.10 c. Current ratio is 4.75 and quick ratio is 2.25 while working capital is Rs.150,000. d. Inventory turnover is 3 times and accounts receivable turnover is 10 times while annual sales is Rs.500,000 and cost of goods sold is Rs.300,000. e. Assume that ending inventory and ending receivable amount is equal to average inventory and average receivable.
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