Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 42 through 46 Number of shares outstanding Sales Gross profit margin Inventory turnover

USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 42 through 46 Number of shares outstanding Sales Gross profit margin Inventory turnover ratio Notes payable Net profit margin Return on assets Percent of sales on credit Gross fixed assets Cash Accounts receivable Inventory Current assets Total assets Financial Data for Spinaway, Inc. (Unless otherwise noted, all data is for December 31, 2022) Gross fixed assets (Accumulated depreciation) Net fixed assets Land 42. Cash = 43. Current assets = 44. Current Illabilities = 45. Total llabilities $0.40 $3,642,000 $1,840,000 Assume a 360-day year and assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions 42, 43, 44, 45 and 46. = 90,000 $1,420,000 NOTE: When you create the balance sheet associated with the data above, round all figures (if necessary) to the nearest whole dollar (i.e., to 0 decimal places). Be sure that your final balance sheet balances. 20% 8 $21,000 8% 5.0% 90% 46. Total shareholder equity = Average collection period (days) Accounts payable days Retained earnings (Dec 31, 2021) Dividends paid in 2022 Accruals Land Debt ratio Par value per share Accumulated depreciation Spinaway, Inc. Balance Sheet for the Year Ending December 31, 2022 24 18 Notes payable Accounts payable Accruals $382,000 $75,000 $9,000 $186,000 Current liabilities Long-term debt Total liabilities Common stock Capital surplus Retained earnings Total liab. & equity 68%
image text in transcribed
USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 42 through 46 Financial Data for Spinaway, Inc. (Unless otherwise noted, all data is for December 31, 2022) Assume a 360-day year and assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions 42,43,44,45 and 46 . NOTE: When you create the balance sheet associated with the data above, round all figures (if necessary) to the nearest whole dollar (i.e, to 0 decimal places). Be sure that your final balance sheet balances 42. Cash = 43. Current assets = 44. Current liabilities = 45. Total llabilities = 46. Total shareholder equity =

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions