ABC Industries Balance sheet ending December 31, 2016 Assets Liabilities and stockholder's Equity cash 32,720 Accounts Payable 120,000 Marketable securities 25,000 Notes payable Accounts Accruals 20000 account receivables .......... Total current liabiliyies .......... inventories .......... Long-term debt .......... total current assets .......... Stockholder's equity 600,000 .......... net fixed assets .......... Total liabilities and stockholder's equity .......... Total assets ........ The following financial data for 2016 is also available; (a) Sales totalled $1,800,000. (b) The gross profit margin was 25%. (c) Inventory turnover was 6.0. (d) There are 365 days in the year. (e) The average collection period was 40 days. (f) The current ratio was 1.60. (g) The total asset turnover ratio was 1.20. (h) The debt ratio was 60%. Complete the 2016 balance sheet for ABC Industries using the given information
Q. No. 3.
ABC Industries
Assets Liabilities and
cash 32,720 Accounts Payable 120,000
Marketable securities 25,000 Notes payable Accounts Accruals 20000
inventories .......... Long-term debt ..........
total current assets .......... Stockholder's equity 600,000 ..........
net fixed assets .......... Total liabilities and stockholder's equity ..........
Total assets ........
The following financial data for 2016 is also available;
(a) Sales totalled $1,800,000.
(b) The gross profit margin was 25%.
(c) Inventory turnover was 6.0.
(d) There are 365 days in the year.
(e) The average collection period was 40 days.
(f) The
(g) The total asset turnover ratio was 1.20.
(h) The debt ratio was 60%.
Complete the 2016 balance sheet for ABC Industries using the given information
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