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Business
Accounting
Assets Cash and marketable securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Energy Corp. Balance Sheet as of 12/31/2018 $8,000,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity $ 300,000 $2,000,000 $1,250,000

Assets Cash and marketable securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Energy Corp. Balance Sheet as of 12/31/2018 $8,000,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity $ 300,000 $2,000,000 $1,250,000

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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Question

1. Complete the balance sheet for Energy Corp., given the following information

 

 

 

Additionally, the following information is provided:

  • Debt ratio = 40%
  • DSO = 39 days
  • Costs of goods sold = $1.6875 million
  • Sales = $2.25 million
  • Inventory turnover ratio = 3.375
  • Current ratio = 1.5
Assets Cash and marketable securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Energy Corp. Balance Sheet as of 12/31/2018 $8,000,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity $ 300,000 $2,000,000 $1,250,000
Transcribed Image Text:Assets Cash and marketable securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Energy Corp. Balance Sheet as of 12/31/2018 $8,000,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity $ 300,000 $2,000,000 $1,250,000
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