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The December 31, Year 4, balance sheet for Baird Corporation is presented here. These are the only accounts on Baird's balance sheet. Amounts indicated by
The December 31, Year 4, balance sheet for Baird Corporation is presented here. These are the only accounts on Baird's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information. Assets Cash BAIRD CORPORATION Balance Sheet As of December 31, Year 4 Accounts receivable (net) Inventory Property, plant, and equipment (net) Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings Additional Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage Decui $20,000 ? ? 295,000 $442,000 Inventory turnover (Cost of goods sold Ending inventory) Gross margin for Year 4 $? 20,000 ? 301,000 ? $? 1.5 to 1.0 70% 20% 12.5 $318,000 times The December 31 , Year 4 , balance sheet for Baird Corporation is presented here. These are the only accounts on Baird's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information. a. Compute the balance in trade accounts payable as of December 31 , Year 4 . b. Compute the balance in retained earnings as of December 31, Year 4 . c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that last year.) (For all requirements, negative amounts should be indicated by a minus sign. Dqnot roun answers to the nearest whole dollar amount.)
The December 31, Year 4, balance sheet for Baird Corporation is presented here. These are the only accounts on Baird's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information. Assets Cash BAIRD CORPORATION Balance Sheet As of December 31, Year 4 Accounts receivable (net) Inventory Property, plant, and equipment (net) Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings Additional Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage Decui $20,000 ? ? 295,000 $442,000 Inventory turnover (Cost of goods sold Ending inventory) Gross margin for Year 4 $? 20,000 ? 301,000 ? $? 1.5 to 1.0 70% 20% 12.5 $318,000 times
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