USE THE FOLLOWING INFORMATION TO FILL-IN THE BALANCE SHEET BELOW (note that the accounts listed below are the ONLY accounts on this company's balance sheet). YOU WILL USE THE BALANCE SHEET YOU CREATE FOR THIS QUESTION TO THIS QUESTION AND THE FOLLOWING 8 QUESTIONS ON THIS QUIZ.
Gross profit margin = 70%
Inventory turnover ratio = 5 times
Sales = $4,000
Net profit margin = 5%
Average collection period = 45 days
Return on equity = 50%
Return on assets = 20%
Cash = $75
Current ratio = 2.50 times
Accounts payable days = 30 days
Note: Of total sales, 80 percent are on credit and the remainder are cash sales. Assume a 360-day year.
Cash __________ Notes payable __________
Accounts receivable __________ Accounts payable __________
Inventory __________ Long-term debt __________
Net fixed assets __________ Equity __________
Total assets __________ Total liab. & equity __________
QUESTION:
Cash = _____
Account receivable =
Inventory =
Net fixed asset =
total asset =
Note payable =
Account payable =
Long term debt =
Equity =
Total liab & equity =