Question



Net sales (all credit) .............................................. $450,000
Liabilities to total assets ........................................ 1 to 2
Income taxes........................................................ $1,000
Net income .......................................................... $36,000
Average collection period ..................................... 60.83 days
PPE asset turnover ................................................ 3 times
Merchandise turnover .......................................... 5 times
Expenses (including taxes of 40%)....................... $114,000
Current ratio........................................................ 3 to 1
Total asset turnover .............................................. 1.5 times
Retained earnings, Jan. 1, 2014 ............................ $10,000
Required Complete the balance sheet for Hope Corporation. Round amounts to the nearest$100.


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  • CreatedJanuary 08, 2015
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