Question

USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 28 through 30 $ 320,000 30% 4X Sales Gross profit margin Inventory turnover ratio (Cost of goods sold/Inventory) Net profit margin Average collection period Return on equity Accumulated depreciation Return on assets Accounts payable days Notes payable Gross fixed assets Percent of sales on credit (remainder are cash sales) 25% 15,000 12.5% $ 1,800 48,000 75% NOTE: Assume a 360 day year for all ratios, etc. Assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions 28, 29 and 30. Cash Notes payable Accounts payable Accounts receivable Inventory Long-term debt Gross fixed assets Equity (Accumulated depreciation) Total liab & equity Net fixed assets Total assets

Answer 1

Notes Payable Accounts Payable $1800 11200 38200 Long term Lebt Cash $ 11,400 Accounts recivable 30,000 Inventory 28,000 Gooss fined $48.000 chosenlated defraction) ($15,000) qixed a assets $33000 Total $102,400 51200 Equity Total Total equity liab 4 102,400 assets 28 Cash = $11400 29 Long term Lebt = $38200 30 Total assets=$102400