The Shannon Corporation has credit sales of $750,000. Given the following ratios, fill in the balance sheet

Question:

The Shannon Corporation has credit sales of $750,000. Given the following ratios, fill in the balance sheet at the bottom.

Total assets turnover .................................... 2.5 times

Cash to total assets ...................................... 2.0 percent

Accounts receivable turnover ....................... 10.0 times

Inventory turnover ........................................ 15.0 times

Current ratio ................................................. 2.0 times

Debt to total assets ...................................... 45.0 percent

The Shannon Corporation has credit sales of $750,000. Given the

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Foundations of Financial Management

ISBN: 978-0077454432

14th edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

See More Books

Question Posted: Jul 13, 2016 03:37 AM

See More Questions

By the end of its first year of operations, Previts Corporation has credit sales of $ 750,000 and accounts receivable of $ 350,000. Given its the first year of operations Previts management is unsure...
By the end of its first year of operations, Gallen Corporation has credit sales of $580,000 and accounts receivable of $200,000. Given its the first year of operations Gallens management is unsure...
The Griggs Corporation has credit sales of $1,200,000. Given the following ratios, fill in the following balance sheet. Total assets turnover 2.4 times Cash to total assets 2.0% Accounts receivable...
A torsion pendulum consists of a metal disk with a wire running through its center and soldered in place. The wire is mounted vertically on clamps and pulled taut. Figure a gives the magnitude ? of...
(True and False) 1. Paper-and-pencil honesty tests are most frequently used to determine whether someone has committed a crime. 2. Failure to pass a polygraph test means certain guilt. 3. Interviews...
a. Each Friday, WARI pays employees for the current weeks work. The amount of the payroll is $6,000 for a five-day week. The current accounting period ends on Monday. Required Journalize the...
1.0
The unaudited income statement for Lomas & Sons Limited for its year ended December 31, 2012 shows the following: The information in the following notes has already been reflected in the above income...
On January 1, 2006, Peter Company purchased 80 percent of the outstanding shares of Pedro Company at a cost of P1,080,000. On that date, Pedro Company had P600,000 worth of ordinary shares and...
Ace Companys income statements for the three years 2012, 2011, and 2010 are given below (all amounts in $ millions): 1. Other income (expense) comprised the following: 2. In 2012, cost of goods sold...
Using the income statement for J. Lo Wedding Gowns below, compute the following ratios: a. The interest coverage. b. The fixed charge coverage. The total assets for this company equal $160,000. Set...
Neon Light Company has $1,000,000 in assets and $600,000 of debt. It reports net income of $100,000. a. What is the return on the assets? b. What is the return on the stockholders' equity? c. If the...
For a given firm, why does WACC change over time? Can the firm control the factors that lead to changes in the WACC and thus determine its WACC?
REQUIRED: Cost of production report under the following assumptions: Lost units - normal, discovered at the beginning Lost units - normal, discovered at the end Lost units - abnormal, discovered when...
ABC, Inc., manufactures only two products: Gadget A and Gadget B. The firm uses a single, plant wide overhead rate based on direct-labor hours. Production and product-costing data are as follows:...
.Jean Saburit has gone over the financial statements for Saburit Parts, Inc. The income statement has been prepared on an absorption costing basis and Saburit would like to have the statement revised...
When a constant force is applied to an object, the acceleration of the object varies inversely with its mass. When a certain constant force acts upon an object with mass 2 kg, the acceleration of the...
Use the following for all 3 circuits. V1 = 9.0 V, V = 12.0 V R = 2.0 ohms, R = 4.0 ohms, R3 = 6.0 ohms, R4 = 8.0 ohms C1 = 3.0 C = 3.0 (a) Find I in circuit A (b) Find I1 in circuit B R w R3 V R R4...
Show how the gates of Figure 6-14 can be implemented using three 74HC00 chips. Figure 6-14 Transfer pulse 8 BB B B D 12 7 B CLK A3 Im A3 6 D B register 11 5 B CLK A A D 10 B 3 74LS283 A A CLK BoBo 2...
In the current year, the City of Omaha donates land worth $500,000 to Ace Corporation to induce it to locate in Omaha and create an estimated 2,000 jobs for its citizens. a. How much income, if any,...
Tiger Golf Supplies has $23 million in earnings with 8 million shares outstanding. Its investment banker thinks the stock should trade at a P/E ratio of 31. Assume there is an underwriting spread of...
The Bailey Corporation, a manufacturer of medical supplies and equipment, is planning to sell its shares to the general public for the first time. The firms investment banker, Robert Merrill and...
Jasmines Dresswear Manufacturers is preparing a strategy for the fall season. One alternative is to expand its traditional ensemble of wool sweaters. A second option would be to enter the cashmere...
The major justification for adding Step 0 to the U.S. GAAP impairment test for goodwill and indefinite lived intangibles is that it: A. Saves money spent estimating fair values B. Results in more...
Regarding research and experimental expenditures, which of the following are not qualified expenditures? 3 a. costs of ordinary testing of materials b. costs to develop a plant process c. costs of...
Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting...

The Shannon Corporation has credit sales of $750,000. Given the following ratios, fill in the balance sheet

Question:

SHANNON CORPORATION Balance Sheet 201x Assets Liabilities and Stockholders' Equity Cash Accounts receivabe.... nventory Current debt Long-term debt otal debt Total current assets Net worth Fixed assets Total debt and Total assets stockholders' equity.

Step by Step Answer:

Shannon Corporation Solution Total assets 300000 Fixed Assets 169000 Credit Sales 750000 sa...View the full answer

Foundations of Financial Management

Students also viewed these Finance questions