We are given the following information for the Pettit Corporation. Sales (credit)$3,549,000 Cash179,000 Inventory911,000 Current liabilities788,000 Asset
Question:
We are given the following information for the Pettit Corporation.
Sales (credit)$3,549,000
Cash179,000
Inventory911,000
Current liabilities788,000
Asset turnover1.40 times
Current ratio2.95 times
Debt-to-assets ratio40%
Receivables turnover7 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.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259194078
15th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
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