Question: Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) Yearly

Construct the current assets section of the from the following data. (Use cash as a plug figure after computing the other values.)

Yearly sales (credit)$420,000
Inventory turnover7 times
Current liabilities$80,000
Current ratio2
Average collection period36 days
Current assets: $
Cash______
Accounts receivable______
Inventory______
Total current assets______

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Inventory 4200007 60000 Current assets 2 80000 160000 Account rec 42000036... View full answer

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