Complete the following balance sheet based on the information provided ASSETS LIABILITIES & SHAREHOLDERS' EQUITY %$4 Question 2 Accounts payable Cash $63,000 Common stock Accounts receivable %$4 Retained earnings %24 Inventory %24 Plant and equipment, net $56,000 Total liabilities and s135,000 $135,000 Total assets shareholders' equity The values of selected ratios are as follows: Quick ratio 1.40 Average collection period Debt ratio 38 days 0.38 (Asset) Turnover ratio [Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700] 2.45 %3D %3D %3D %3D
Complete the following balance sheet based on the information provided ASSETS LIABILITIES & SHAREHOLDERS' EQUITY %$4 Question 2 Accounts payable Cash $63,000 Common stock Accounts receivable %$4 Retained earnings %24 Inventory %24 Plant and equipment, net $56,000 Total liabilities and s135,000 $135,000 Total assets shareholders' equity The values of selected ratios are as follows: Quick ratio 1.40 Average collection period Debt ratio 38 days 0.38 (Asset) Turnover ratio [Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700] 2.45 %3D %3D %3D %3D
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Complete the following balance sheet based on the information provided
ASSETS
LIABILITIES & SHAREHOLDERS' EQUITY
%$4
Question 2
Accounts payable
Cash
$63,000
Common stock
Accounts receivable
%$4
Retained earnings
%24
Inventory
%24
Plant and equipment, net
$56,000
Total liabilities and
s135,000
$135,000
Total assets
shareholders' equity
The values of selected ratios are as follows:
Quick ratio
1.40
Average collection period
Debt ratio
38 days
0.38
(Asset) Turnover ratio
[Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700]
2.45
%3D
%3D
%3D
%3D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F497c6ae0-03bf-4585-8eb1-00ff0f852508%2Fcdfeac59-a50b-4913-9655-ecde5a3444ce%2Fo4ifr1c.jpeg&w=3840&q=75)
Transcribed Image Text:Complete the following balance sheet based on the information provided
ASSETS
LIABILITIES & SHAREHOLDERS' EQUITY
%$4
Question 2
Accounts payable
Cash
$63,000
Common stock
Accounts receivable
%$4
Retained earnings
%24
Inventory
%24
Plant and equipment, net
$56,000
Total liabilities and
s135,000
$135,000
Total assets
shareholders' equity
The values of selected ratios are as follows:
Quick ratio
1.40
Average collection period
Debt ratio
38 days
0.38
(Asset) Turnover ratio
[Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700]
2.45
%3D
%3D
%3D
%3D
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