What is the gross fixed asset What is the net fixed assetWhat is the total assetWhat is the notes payableWhat is the total of liabilities and stock holders equity Key Financial Data (2020)Sales totaled P720,000.The gross profit margin was 38.7 percent.Inventory turned 6 times.There are 360 days in a year.The1.2.3.4.5.average collection period was 31 days.The current ratio was 2.35.6.The total asset turnover was 2.81.The debt ratio was 49.4 percent.Total current assets equal P159,565.7.8.9. Complete the balance sheet for General Aviation,Inc. based on the following financial data.Statement of Financial PositionGeneral Aviation, Inc.December 31, 2020AssetsCashP 8,005Marketable securitiesAccounts receivableInventoriesTotal current assetsGross fixed assetsLess: Accumulated depreciationP50,000Net fixed assetsTotal assetsLiabilities and Stockholders' EquityAccounts payableNotes payableAccrualsTotal current liabilitiesLong-term debtsTotal liabilitiesStockholders' equityPreferred stockCommon stock at parPaid-in capital in excess of parRetained earningsTotal stockholders' equityTotal liabilities andstockholders' equityP28,800P18,8002,45130,0006,40090,800

Cost of Goods Sold = Sales x (1 - Gross Profit Margin) Inventory = Cost of Goods Sold / Inventory…

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What is the gross fixed asset What is the net fixed asset What is the total asset What is the notes payable What is the total of liabilities and stock holders equity

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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Question

What is the gross fixed asset What is the net fixed asset What is the total asset What is the notes payable What is the total of liabilities and stock holders equity

Key Financial Data (2020)
Sales totaled P720,000.
The gross profit margin was 38.7 percent.
Inventory turned 6 times.
There are 360 days in a year.
The
1.
2.
3.
4.
5.
average collection period was 31 days.
The current ratio was 2.35.
6.
The total asset turnover was 2.81.
The debt ratio was 49.4 percent.
Total current assets equal P159,565.
7.
8.
9.

Complete the balance sheet for General Aviation,
Inc. based on the following financial data.
Statement of Financial Position
General Aviation, Inc.
December 31, 2020
Assets
Cash
P 8,005
Marketable securities
Accounts receivable
Inventories
Total current assets
Gross fixed assets
Less: Accumulated depreciation
P50,000
Net fixed assets
Total assets
Liabilities and Stockholders' Equity
Accounts payable
Notes payable
Accruals
Total current liabilities
Long-term debts
Total liabilities
Stockholders' equity
Preferred stock
Common stock at par
Paid-in capital in excess of par
Retained earnings
Total stockholders' equity
Total liabilities and
stockholders' equity
P28,800
P18,800
2,451
30,000
6,400
90,800

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