Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please show full steps along with concept.
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
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
Expert Solution
steps

Step by step

Solved in 4 steps with 9 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS