Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts. (Round percentage answers to 1 decimal place, e.g. 527.5.)Assets Cash $23,989 %Accounts receivable $123,197 %Inventory $ %Total current assets $347,397 %Gross plant and equipment $ %Less: accumulated depreciation $313,000 %Net plant and equipment $ %Total assets $734,397 100.0%Liabilities Accounts payable $ %Notes payable $26,014 %Total current liabilities $ %Long-term debt $246,126 %Total liabilities $389,101 %Common stock ($0.01 par, 450,000 shares) $4,500 %Paid-in capital $221,912 %Retained earnings $ %Total stockholders' equity $345,296 %Total liabilities and equity $ 100.0%

Inventory = Total current assets - Cash - Accounts receivable = 347397-23989-123197 = $200,211 Net plant and equipment = Total assets - Total current assets = 734,397-347,397 = $387000 Gross plant and equipment = Net plant and equipment + accumulated depreciation = 387000+313000 = $700,000Total liabilities and equity = Total assets = $734,397 Retained earnings = Total stockholders' equity - Paid-in capital = 345,296-221,912 = $123,384 Total current liabilities = Total liabilities - Long-term debt = 389,101-246,126 = $142,975 Accounts payable = Total current liabilities - Notes payable = $142,975-26,014 = $116,961Assets Cash $23,989 3.3% Accounts receivable $123,197 16.8% Inventory $200,211 27.3% Total current assets $347,397 47.3% Gross plant and equipment $700,000 95.3% Less: accumulated depreciation $313,000 42.6% Net plant and equipment $387000 52.7% Total assets $734,397 100.0% Liabilities Accounts payable $116,961 15.9% Notes payable $26,014 3.5% Total current liabilities $142,975 19.5% Long-term debt $246,126 33.5% Total liabilities $389,101 53.0% Common stock ($0.01 par, 450,000 shares) $4,500 0.6% Paid-in capital $221,912 30.2% Retained earnings $123,384 16.8% Total stockholders' equity $345,296 47.0% Total liabilities and equity $734,397 100.0%

Answered: Use your knowledge of balance sheets…

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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Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts. (Round percentage answers to 1 decimal place, e.g. 527.5.)

Assets
Cash	$23,989		%
Accounts receivable	$123,197		%
Inventory	$		%
Total current assets	$347,397		%
Gross plant and equipment	$		%
Less: accumulated depreciation	$313,000		%
Net plant and equipment	$		%
Total assets	$734,397	100.0	%
Liabilities
Accounts payable	$		%
Notes payable	$26,014		%
Total current liabilities	$		%
Long-term debt	$246,126		%
Total liabilities	$389,101		%
Common stock ($0.01 par, 450,000 shares)	$4,500		%
Paid-in capital	$221,912		%
Retained earnings	$		%
Total stockholders' equity	$345,296		%
Total liabilities and equity	$	100.0	%

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