Question 8ABC Company's balance sheets for 2027 appear below:Jan. 1Dec. 31ASSETS:CashAccounts receivableInventoryLandLIABILITIES + EQUITY:Accounts payableTotalNotes payableCommon stockRetained earningsTotalSales revenueCost of goods soldOther expensesNet income1.24,60098,30021,70032,500177,1002.29,400088,60059,100177,10031,200?ABC Company's income statement for 2027 is below:646,780473, 750102,39070,640???46,30035,00063,700?Additional information:ABC Company's accounts receivable turnoverratio for 2027 was 7.3.The note payable was a bank loan taken outon March 1, 2027. The bank loan is due onNovember 30, 2028.3. ABC Company's number of days' sales ininventory ratio for 2027 was 29.2 days.Calculate ABC Company's working capital atDecember 31, 2027.

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ABC Company's balance sheets for 2027 appear below: Jan. 1 Dec. 31 ASSETS: Cash Accounts receivable Inventory Land Total LIABILITIES + EQUITY: Accounts payable Notes payable Common stock Retained earnings 24,600 98,300 21,700 32,500 177,100 29,400 0 88,600 59.100 31,200 anafa 46,300 35,000 ? 63.700

ABC Company's balance sheets for 2027 appear below: Jan. 1 Dec. 31 ASSETS: Cash Accounts receivable Inventory Land Total LIABILITIES + EQUITY: Accounts payable Notes payable Common stock Retained earnings 24,600 98,300 21,700 32,500 177,100 29,400 0 88,600 59.100 31,200 anafa 46,300 35,000 ? 63.700

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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