Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) (Use a 360-day year. Do not round intermediate calculations.)             Yearly sales (credit) $ 570,000   Inventory turnover   10 times Current liabilities $ 97,000   Current ratio   2   Average collection period   36 days     Current Assets:________ Cash:_________ Accounts Receivable_________ Inventory:__________ Total Current assets:_________-

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is