Use the following information to complete next balance sheet. Long term debt to equity 0.50. Total asset
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Use the following information to complete next balance sheet.
- Long term debt to equity 0.50.
- Total asset turnover 2.5 times.
- Average collection period 18 days.
- Inventory turn-over 9 times.
- Gross profit margin 0.10
- Acid-test ratio 1
Assets | Equity | ||||
Cash | ??? | Notes payable | 100,000 | ||
Accounts receivable | ??? | Long-term debt | ??? | ||
Inventory | ??? | Common stock | 100,000 | ||
Equipment | ??? | Retained earnings | 100,000 | ||
Total Assets | ??? | Total & liabilities Equity | ??? |
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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