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One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet. Assets   liabillities & Equity   Cash $ 100,000 Current Liabillities   Receivable   Long term Debt --------- inventry   Total Debt   Plant ----------- Common Debt $ 600,000 Total Assets ------------- Total Claim ------------                 Additional Information: Current Ratio = 2.5 Average Collection Period = 54 days Total Debt to Total Assets = 40% Total Asset Turnover = 2 Inventory Turnover = 5

One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet. Assets   liabillities & Equity   Cash $ 100,000 Current Liabillities   Receivable   Long term Debt --------- inventry   Total Debt   Plant ----------- Common Debt $ 600,000 Total Assets ------------- Total Claim ------------                 Additional Information: Current Ratio = 2.5 Average Collection Period = 54 days Total Debt to Total Assets = 40% Total Asset Turnover = 2 Inventory Turnover = 5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet.

Assets   liabillities & Equity  
Cash $ 100,000 Current Liabillities  
Receivable   Long term Debt ---------
inventry   Total Debt  
Plant ----------- Common Debt $ 600,000
Total Assets ------------- Total Claim ------------
       
       

Additional Information:

Current Ratio = 2.5

Average Collection Period = 54 days

Total Debt to Total Assets = 40%

Total Asset Turnover = 2

Inventory Turnover = 5

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