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We are given the following information for the Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover
We are given the following information for the Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $ 4,344,000 229,000 873,000 773,000 1.45 times 2.80 times 50 % 8 times Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items. (Do not round intermediate calculations. Round your final answers to the neares whole number.) Answer is complete but not entirely correct. a. Accounts receivable 543,000 b. Marketable securities $ 519,400 C. Fixed assets 831,462 d. Long-term debt $ 1,497,931
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