22. Complete the following balance sheet for the Range Company using the following information: Debt to Assets = 60 percent Quick Ratio 1.1 Asset Turnover = 5x Fixed Asset Turnover = 12.037x Current Ratio = 2 Average Collection Period = 16.837 days

22. Complete the following balance sheet for the Range Company using the following information: Debt to Assets = 60 percent Quick Ratio 1.1 Asset Turnover = 5x Fixed Asset Turnover = 12.037x Current Ratio = 2 Average Collection Period = 16.837 days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

22. Complete the following balance sheet for the Range Company using the following
information:
Debt to Assets = 60 percent
Quick Ratio=1.1
Asset Turnover = 5x
Fixed Asset Turnover 12.037x
Current Ratio = 2
Average Collection Period = 16.837 days
Cash
Receivables
Inventory
Total Current Assets
Plant and Equipment
Total Assets
$325.000
Current Liabilities
Bonds Payable
Total Liabilities
Net Worth
Total Liabilities and Net Worth

Expert Solution

Step 1

The balance sheet provides information on a company's resources (assets) and its sources of capital (equity and liabilities/debt). This information helps an analyst assess a company's ability to pay for its near-term operating needs, meet future debt obligations, and make distributions to owners.

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