Read and identify the following balance sheet. Complete the missing information, using the information below the balance sheet: Assets Skretting Arc Ecuador S.A. Balance Sheet December 31, 20 20 Liabilities and Stockholders' Equity Cash $32,720 Marketable securities 25,000 Accounts receivable Inventories Total current assets Net fixed assets Total assets Accounts payable Notes payable Accruals Total current liabilities Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ The following financial data for year 2020 is available: 1. Sales totaled $1,800,000. 2. The gross profit margin was 25%. 3. Inventory turnover was 6.0. 4. There are 365 days in the year. 5. The average collection period was 40 days. 6. The current ratio was 1.60. 7. The total asset turnover ratio was 1.20. 8. The debt ratio was 60%. $120,000 20,000 $600,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Read and identify the following balance sheet. Complete the missing information, using the
information below the balance sheet:
Assets
Skretting Arc Ecuador S.A. Balance Sheet December 31, 20 20
Liabilities and Stockholders' Equity
Cash
$32,720
Marketable securities 25,000
Accounts receivable
Inventories
Total current assets
Net fixed assets
Total assets
$
Accounts payable
Notes payable
2. The gross profit margin was 25%.
3. Inventory turnover was 6.0.
4. There are 365 days in the year.
Accruals
Total current liabilities
The following financial data for year 2020 is available:
1. Sales totaled $1,800,000.
Long-term debt
Stockholders' equity
Total liabilities and stockholders' equity $
$120,000
5. The average collection period was 40 days.
6. The current ratio was 1.60.
7. The total asset turnover ratio was 1.20.
8. The debt ratio was 60%.
20,000
$600,000
Transcribed Image Text:Read and identify the following balance sheet. Complete the missing information, using the information below the balance sheet: Assets Skretting Arc Ecuador S.A. Balance Sheet December 31, 20 20 Liabilities and Stockholders' Equity Cash $32,720 Marketable securities 25,000 Accounts receivable Inventories Total current assets Net fixed assets Total assets $ Accounts payable Notes payable 2. The gross profit margin was 25%. 3. Inventory turnover was 6.0. 4. There are 365 days in the year. Accruals Total current liabilities The following financial data for year 2020 is available: 1. Sales totaled $1,800,000. Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ $120,000 5. The average collection period was 40 days. 6. The current ratio was 1.60. 7. The total asset turnover ratio was 1.20. 8. The debt ratio was 60%. 20,000 $600,000
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