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Score Question four (15 marks) Using the following information, complete the balance sheet found on the next page: Long-term debt to equity 0.5 to 1
Score Question four (15 marks) Using the following information, complete the balance sheet found on the next page: Long-term debt to equity 0.5 to 1 Total asset turnover 2.5 times Average collection period* 18 days Inventory turnover 9 times Gross profit margin 10% Acid-test ratio 1 to 1 * Assume a 360-day year and all sales on credit. $ $100,000 Cash Accounts receivable Inventory Plant and equipment Total assets Notes and payables Long-term debt Common stock Retained earnings Total liabilities and shareholder's equity $100,000 $100,000 $
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