Given the following information, complete the balance sheet shown next.
Collection period | 71 days |
Days’ sales in cash | 34 days |
Current ratio | 2.6 |
Inventory turnover | 5 times |
Liabilities to assets | 75% |
Payables period | 36 days |
(All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost of goods sold.)
Assets | |
Current: | |
Cash | $1,100,000 |
Accounts receivable | |
Inventory | 1,900,000 |
Total current assets | |
Net fixed assets |
|
Total assets | 8,000,000 |
Liabilities and shareholders’ equity | |
Current liabilities: | |
Accounts payable | |
Short-term debt | |
Total current liabilities | |
Long-term debt | |
Shareholders’ equity | |
Total liabilities and equity | |
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