Given the following information, complete the balance sheet shown nex Collection period Days' sales in cash Current ratio Assets Current assets: Cash Accounts receivable Inventory Inventory turnover Liabilities to assets Payables period (All sales are on credit. All calculations assume a 365-day year. The payal Note: Round your answers to the nearest whole dollar. Total current assets Net fixed assets Total assets Liabilities and shareholders equity Current liabilities: Accounts payable Short-term debt Total current liabilities 70 32 2.2 5 Long-term debt Shareholders equity Total liabilities and equity days days times $ 70% 36 days 1,300,000 1,900,000 S 8,000,000 2.400.000 S 8.000.000
Given the following information, complete the balance sheet shown nex Collection period Days' sales in cash Current ratio Assets Current assets: Cash Accounts receivable Inventory Inventory turnover Liabilities to assets Payables period (All sales are on credit. All calculations assume a 365-day year. The payal Note: Round your answers to the nearest whole dollar. Total current assets Net fixed assets Total assets Liabilities and shareholders equity Current liabilities: Accounts payable Short-term debt Total current liabilities 70 32 2.2 5 Long-term debt Shareholders equity Total liabilities and equity days days times $ 70% 36 days 1,300,000 1,900,000 S 8,000,000 2.400.000 S 8.000.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Given the following information, complete the balance sheet shown next
Collection period
Days' sales in cash
Current ratio
Assets
Current assets:
Cash
Inventory turnover
Liabilities to assets
Payables period
(All sales are on credit. All calculations assume a 365-day year. The payat
Note: Round your answers to the nearest whole dollar.
Accounts receivable
Inventory
Total current assets
Net fixed assets
Total assets
Liabilities and shareholders equity
Current liabilities:
Accounts payable
Short-term debt
Total current liabilities
70 days
32
days
2.2
5
70%
36 days
Long-term debt
Shareholders equity
Total liabilities and equity
times
$ 1,300,000
S
S
1,900,000
8,000,000
2.400.000
8.000.000
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