Complete the following balance sheet using the information given. Round account balances to the nearest dollar. Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total assets Accounts payable Short-term notes payable Long-term debt Common stock Retained earnings Total Liabilities and equity $20,000 $1,000 $1,500 Income Statement Sales (All Credit) Cost of goods sold Operating expenses Interest expense Taxes Net income Ratios: Operating Profit Margin= Return on Equity= Quick Ratio = Fixed Asset Turnover = Current Ratio = Days Sales Outstanding = = $16,000 11,000 1,000 200 1,000 $2,800 25% 20% 31.9375 2 5
Complete the following balance sheet using the information given. Round account balances to the nearest dollar. Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total assets Accounts payable Short-term notes payable Long-term debt Common stock Retained earnings Total Liabilities and equity $20,000 $1,000 $1,500 Income Statement Sales (All Credit) Cost of goods sold Operating expenses Interest expense Taxes Net income Ratios: Operating Profit Margin= Return on Equity= Quick Ratio = Fixed Asset Turnover = Current Ratio = Days Sales Outstanding = = $16,000 11,000 1,000 200 1,000 $2,800 25% 20% 31.9375 2 5
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please show full steps along with concept.

Transcribed Image Text:Complete the following balance sheet using the information given. Round account balances to the
nearest dollar.
Balance Sheet
Cash
Accounts receivable
Inventory
Net fixed assets
Total assets
Accounts payable
Short-term notes payable
Long-term debt
Common stock
Retained earnings
Total Liabilities and equity
$20,000
$1,000
$1,500
Income Statement
Sales (All Credit)
Cost of goods sold
Operating expenses
Interest expense
Taxes
Net income
Ratios:
Operating Profit Margin =
Return on Equity =
Quick Ratio =
Fixed Asset Turnover =
Current Ratio =
Days Sales Outstanding =
$16,000
11,000
1,000
200
1,000
$2,800
25%
20%
31.9375
2
5
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