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The December 31, 2019, balance sheet for Wa ton Corporation is presented here. These are the only accounts on Walton's balance sheet. Amounts indicated by
The December 31, 2019, balance sheet for Wa ton Corporation is presented here. These are the only accounts on Walton's balance sheet. Amounts indicated by question marks can be calculated using the following additional WALTON CORFORATION Balance Sheet As of December 31, 2019 $ 35,000 Accounts receivable net) Inventory Property, plant, and equipment (net) 305,000 $452, 000 Liabilities and Stockholders Equity nts payable trade) Incone taxes payable 35, 000 current ) Long-term debt Conmon stock Retained earnings 311,000 Additional Information Current ratio (at year end) Total liabilities Total stockholder equity Groas margin percentage Inventory turnover (Cost of goods sold+ 1.4 to 1.0 60 408 Ending inventory) Groas margin for 2019 10.5 tines $350,000 Required a. Compute the balance in trade accounts payable as of December 31, 2019. b. Compute the balance in retained earnings as of December 31, 2019. C. Compute the balance in the Inventory account as of December 31, 2019. (Assume that the level of Inventory did not change from last year) For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount) Retained b. c. Inven
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