The December 31, 2011, balance sheet of Copepper's Inc. and additional information follow. These are the only accounts on Copepper's balance sheet. Amounts indicated by a question mark (?) can be calculated from the additional information given.

Additional information follows:
Current ratio (at year-end) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 to 1
Total liabilities divided by total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8
Inventory turnover based on sales and ending inventory . . . . . . . . . . . . . . . . . . . . . . . . . 15 times
Inventory turnover based on cost of goods sold and ending inventory . . . . . . . . . . . . . 10.5 times
Gross margin for 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $315,000
1. What was Copepper's December 31, 2011, balance in Accounts Payable?
2. What was Copepper's December 31, 2011, balance in Retained Earnings?
3. What was Copepper's December 31, 2011, balance inInventory?

Transcribed Image Text:

Assets Liabilities and Stockholders' Equity 25,000 Cash Accounts receivable (net) Inventory Property. plant and Accounts payable Income taxes payable (current) Long-term debt. Common stock Retained eanings 25,000 300,000 equipment (net) --. 294,000 $432,000