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Using the following information, fill in the balance sheet below, and then answer questions 41-45 Green Co. began operation on January 1, 2015, On January
Using the following information, fill in the balance sheet below, and then answer questions 41-45 Green Co. began operation on January 1, 2015, On January 1, 2015, the company purchased S12,400 of Equipment. Green has not purchased any additional equipment since this initial purchase, nor have they sold any cquipment. This equipment is being depreciated on a straight-line basis to a $400 salvage value over an estimated depreciable life of 10 years. The following is a list of some of the income statement accounts (for the period January 1, 2019 to December 31, 2019), some of the balance sheet accounts (on December 31, 2019) and a few financial ratios for Green Co (for the year ending December 31, 2019) Sales = 16,000 Acct. Payable Days - 30 Current ratio = 2.0 Cash - 130 Average collection period - 36 days Dividends paid = 480 Tax rate 25% Gross profit margin -25% Debt ratio = 25% Accruals - 110 Inventory turnover ratio - 6 Times interest camod - 5 Operating expenses (excl. dep.) 51200 NOTES: In 2019, 80% of Green Company salcs were on credit; the remainder were cash sales. The average collection period was calculated using a 360-day year. Use COGS/Inventory for inventory turnover ratio formula. Retained camings as of December 31, 2018 $2,000. Use Common Stock as a plug figure to make your balance sheet balance. Use year-end numbers for ratios that involve both B/S and I/S (instead of average between two years). Round ALL values in the balance sheet to the nearest dollar (eg. $327.84-328) Green Co. Balance Sheet For the Year ending December 31, 2019 Cash Notes payable Accounts receivable Accounts payable Inventory Accruals Current assets Current liabilities Long-term Debt Gross fixed assets Total liabilities Common stock (Accumulated depreciation) Net fixed assets Retained earings Total liabilities & Equity Total assets 41. Current assets 42. Total assets = 43. Current liabilities 44. Total liabilities 45. Total shareholder equity (i.c., common stock + retained earnings)
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