You are given RK Incorporated's balance sheets below (these are the only items in the firm's...
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You are given RK Incorporated's balance sheets below (these are the only items in the firm's balance sheet). You are also given the following financial data for the firm: Total liabilities/assets ratio = 0.50 • Quick ratio = 0.80 Total asset turnover = 1.5 • Accounts receivables days = 36.5 days • Gross margin on sales = 25% • Inventory turnover = 5.0 Please complete the balance sheet and sales and COGS information in the table that follows. Round to the nearest whole number. Cash Accounts receivable Inventories Fixed assets Total assets Sales 27000 45000 67500 160500 $300,000 450000 Accounts 90000 payable Long- term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 60,000 52500 97,500 337500 You are given RK Incorporated's balance sheets below (these are the only items in the firm's balance sheet). You are also given the following financial data for the firm: Total liabilities/assets ratio = 0.50 • Quick ratio = 0.80 Total asset turnover = 1.5 • Accounts receivables days = 36.5 days • Gross margin on sales = 25% • Inventory turnover = 5.0 Please complete the balance sheet and sales and COGS information in the table that follows. Round to the nearest whole number. Cash Accounts receivable Inventories Fixed assets Total assets Sales 27000 45000 67500 160500 $300,000 450000 Accounts 90000 payable Long- term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 60,000 52500 97,500 337500
Expert Answer:
Answer rating: 100% (QA)
Step 12 Total Liabilities 50 of Total Assets 300000 50 150000 Account Payable 90000 Long term Debt 1... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
Posted Date:
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