COMPUTE FOR THE FOLLOWING ACCOUNTS: (THE BALANCE SHEET SHOULD BALANCE) (In Pesos) Annual Credit Sales 1,800,000 Cash 32,720 Gross Profit Margin 25% Marketable Sec. 25,000 Inventory Turnover 6 Accounts Receivable ? No. of days in a year 365 Inventories ? Average Collection Period 45 days Total Current Assets ? Current Ratio 1.6 Net Fixed Assets ? Total Asset Turnover Ratio 1.2 Total Assets ? Debt ratio 60% Accounts Payable 120,000 Notes Payable ? Accruals 20,000 Gross Profit ? Total Current Liabilities ? Long Term Debt ? *ALL SALES ARE CREDIT SALES Stockholders' Equity 600,000 Total Liab. And Equity ?
COMPUTE FOR THE FOLLOWING ACCOUNTS: (THE BALANCE SHEET SHOULD BALANCE) (In Pesos) Annual Credit Sales 1,800,000 Cash 32,720 Gross Profit Margin 25% Marketable Sec. 25,000 Inventory Turnover 6 Accounts Receivable ? No. of days in a year 365 Inventories ? Average Collection Period 45 days Total Current Assets ? Current Ratio 1.6 Net Fixed Assets ? Total Asset Turnover Ratio 1.2 Total Assets ? Debt ratio 60% Accounts Payable 120,000 Notes Payable ? Accruals 20,000 Gross Profit ? Total Current Liabilities ? Long Term Debt ? *ALL SALES ARE CREDIT SALES Stockholders' Equity 600,000 Total Liab. And Equity ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![COMPUTE FOR THE FOLLOWING ACCOUNTS: (THE BALANCE SHEET SHOULD BALANCE)
(In Pesos)
Annual Credit Sales
1,800,000
Cash
32,720
Gross Profit Margin
25%
Marketable Sec.
25,000
Inventory Turnover
6
Accounts Receivable
?
No. of days in a year
365
Inventories
?
Average Collection Period
45 days
Total Current Assets
?
Current Ratio
1.6
Net Fixed Assets
?
Total Asset Turnover Ratio
1.2
Total Assets
?
Debt ratio
60%
Accounts Payable
120,000
Notes Payable
?
Accruals
20,000
Gross Profit
?
Total Current Liabilities
?
Long Term Debt
?
*ALL SALES ARE CREDIT SALES
Stockholders' Equity
600,000
Total Liab. And Equity
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F20f27fb4-968a-44dc-a5c7-997d93013b22%2Fa6364939-e429-43e0-89d1-5fe9eff353cb%2Fz0si3k_processed.png&w=3840&q=75)
Transcribed Image Text:COMPUTE FOR THE FOLLOWING ACCOUNTS: (THE BALANCE SHEET SHOULD BALANCE)
(In Pesos)
Annual Credit Sales
1,800,000
Cash
32,720
Gross Profit Margin
25%
Marketable Sec.
25,000
Inventory Turnover
6
Accounts Receivable
?
No. of days in a year
365
Inventories
?
Average Collection Period
45 days
Total Current Assets
?
Current Ratio
1.6
Net Fixed Assets
?
Total Asset Turnover Ratio
1.2
Total Assets
?
Debt ratio
60%
Accounts Payable
120,000
Notes Payable
?
Accruals
20,000
Gross Profit
?
Total Current Liabilities
?
Long Term Debt
?
*ALL SALES ARE CREDIT SALES
Stockholders' Equity
600,000
Total Liab. And Equity
?
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