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(All sales are on credit. All calculations ass Note: Round your answers to the nearest whole dollar. Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable S 1,300,000 2.000.000 $ 7,000,000

(All sales are on credit. All calculations ass Note: Round your answers to the nearest whole dollar. Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable S 1,300,000 2.000.000 $ 7,000,000

FINANCIAL ACCOUNTING
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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Vishal 

Problem 2-11 Given the following information, complete the balance sheet shown next 71 days 33 days Collection period Days' sales in cash Current ratio Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Liabilities and shareholders' equity Current liabilities: Inventory turnover Liabilities to assets Payables period (All sales are on credit. All calculations assume a 365-day year. The payables penod is based on cost of goods sold Note: Round your answers to the nearest whole dollar. M Accounts payable Short-term debt Total current liabilities 2.2 Long-term debt Shareholders' equity Tatal fiabilities and equity 5 times 65% 35 days S 1,300,000 2,000,000 $ 7,000,000
Transcribed Image Text:Problem 2-11 Given the following information, complete the balance sheet shown next 71 days 33 days Collection period Days' sales in cash Current ratio Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Liabilities and shareholders' equity Current liabilities: Inventory turnover Liabilities to assets Payables period (All sales are on credit. All calculations assume a 365-day year. The payables penod is based on cost of goods sold Note: Round your answers to the nearest whole dollar. M Accounts payable Short-term debt Total current liabilities 2.2 Long-term debt Shareholders' equity Tatal fiabilities and equity 5 times 65% 35 days S 1,300,000 2,000,000 $ 7,000,000
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