Question

We are given the following information for the Pettit Corporation.

Sales (credit) $3,549,000
Cash 179,000
Inventory 911,000
Current liabilities 788,000
Asset turnover 1.40 times
Current ratio 2.95 times
Debt-to-assets ratio 40%
Receivables turnover 7 times


Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items.
a. Accounts receivable.

b. Marketable securities.
c. Fixed assets.
d. Long-term debt.



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  • CreatedOctober 14, 2014
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