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Assuming all sales are made on credit, calculations utilize a 365-day year, and final numbers are rounded to the nearest thousand, prepare a projected balance sheet for Starborn based on the following industry ratios:

Assuming all sales are made on credit, calculations utilize a 365-day year, and final numbers are rounded to the nearest thousand, prepare a projected balance sheet for Starborn based on the following industry ratios:

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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:6 니G: 3:59 w Answered: Starborn Compan... bartleby.com = bartleby Q&A Business / Accounting / Q&A Library / Starborn Company ha... Starborn Company has just been establis... Starborn Company has just been established as a new company to manufacture furniture. The company expects to earn $1 million after-taxes during its first year. The company president has asked for a projected balance sheet based on ratios similar to the industry average. Assuming all sales are made on credit, calculations utilize a 365-day year, and final numbers are rounded to the nearest thousand, prepare a projected balance sheet for Starborn based on the following industry ratios: Current Ratio: 2:1 Quick Ratio: 1:1 Net Profit Margin: 10% Average Collection Period: 20 days Debt Ratio: 40% Total Asset Turnover Ratio: 2 times Current Liabilities/Stockholder's Equity: 20% Create your balance sheet based on the following format: Total Current Cash Liabilities Accounts Receivable Long-term Debt Total Inventory Debt Total Stockholder 's Equity Current Assets Total Liabilities Net Fixed Assets and Stockholde r's Equity Total Assets Problem 1: Starborn Company has just been established as a new company to manufacture furniture. The company expects to earn $1 milion ate-taxes during its fist year. The company president has asked for a projected balance sheet based on ratios similar to the industry average. www www Assuming all sles are made on credit, calculations utize a 365-day year, and final numbers are rounded to the nearest thousand, prepare a projected balance sheet for Starborm based on the follwing ndustry wwww ratios: Industry Averages Current Ratio 2:1 Quick Ratio Net profit margin ratio Average collection period Debt ratio 1:1 10% 20 days 40% Total asset turnover ratio 2 times Current liblitestocholders'equity 20% Create your projected balance sheet based on the following format: Cash Total cument labies Accounts receivable long tem debr hventory Total det Toral current assets Sucholders oquty Net fiod assets Total labiles ard sochoders' quty Toral assets
Transcribed Image Text::6 니G: 3:59 w Answered: Starborn Compan... bartleby.com = bartleby Q&A Business / Accounting / Q&A Library / Starborn Company ha... Starborn Company has just been establis... Starborn Company has just been established as a new company to manufacture furniture. The company expects to earn $1 million after-taxes during its first year. The company president has asked for a projected balance sheet based on ratios similar to the industry average. Assuming all sales are made on credit, calculations utilize a 365-day year, and final numbers are rounded to the nearest thousand, prepare a projected balance sheet for Starborn based on the following industry ratios: Current Ratio: 2:1 Quick Ratio: 1:1 Net Profit Margin: 10% Average Collection Period: 20 days Debt Ratio: 40% Total Asset Turnover Ratio: 2 times Current Liabilities/Stockholder's Equity: 20% Create your balance sheet based on the following format: Total Current Cash Liabilities Accounts Receivable Long-term Debt Total Inventory Debt Total Stockholder 's Equity Current Assets Total Liabilities Net Fixed Assets and Stockholde r's Equity Total Assets Problem 1: Starborn Company has just been established as a new company to manufacture furniture. The company expects to earn $1 milion ate-taxes during its fist year. The company president has asked for a projected balance sheet based on ratios similar to the industry average. www www Assuming all sles are made on credit, calculations utize a 365-day year, and final numbers are rounded to the nearest thousand, prepare a projected balance sheet for Starborm based on the follwing ndustry wwww ratios: Industry Averages Current Ratio 2:1 Quick Ratio Net profit margin ratio Average collection period Debt ratio 1:1 10% 20 days 40% Total asset turnover ratio 2 times Current liblitestocholders'equity 20% Create your projected balance sheet based on the following format: Cash Total cument labies Accounts receivable long tem debr hventory Total det Toral current assets Sucholders oquty Net fiod assets Total labiles ard sochoders' quty Toral assets
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