The Shannon Corporation deals in textile products. Due to certain reasons the company was closed and records of same are out of access now except given below. Use the given information to make balance sheet for year 2019 Sales $750,000 Total asset turnover 5 times Cash to total assets 0 percent Accounts Receivable Turnover 0 times Inventory turnover 0 times Current Ratio 0 times Debt to total assets 0 percent SHANNON CORPORATION BALANCE SHEET , 2019 Assets Liabilities & Shareholder's Equity Cash Total Current Liabilities Accounts Receivable Long term Debt Inventory Total Debt Total Current assets Fixed Assets Net Worth Total Assets Total Liabilities & Equity
The Shannon Corporation deals in textile products. Due to certain reasons the company was closed and records of same are out of access now except given below. Use the given information to make balance sheet for year 2019 Sales $750,000 Total asset turnover 5 times Cash to total assets 0 percent Accounts Receivable Turnover 0 times Inventory turnover 0 times Current Ratio 0 times Debt to total assets 0 percent SHANNON CORPORATION BALANCE SHEET , 2019 Assets Liabilities & Shareholder's Equity Cash Total Current Liabilities Accounts Receivable Long term Debt Inventory Total Debt Total Current assets Fixed Assets Net Worth Total Assets Total Liabilities & Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Shannon Corporation deals in textile products. Due to certain reasons the company was closed and records of same are out of access now except given below. Use the given information to make
- Sales $750,000
- Total asset turnover 5 times
- Cash to total assets 0 percent
Accounts Receivable Turnover 0 times- Inventory turnover 0 times
Current Ratio 0 times- Debt to total assets 0 percent
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SHANNON CORPORATION |
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BALANCE SHEET , 2019 |
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Assets |
Liabilities & Shareholder's Equity |
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Cash |
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Total Current Liabilities |
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Accounts Receivable |
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Long term Debt |
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Inventory |
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Total Debt |
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Total Current assets |
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Fixed Assets |
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Net Worth |
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Total Assets |
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Total Liabilities & Equity |
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