Presented below is an incomplete balance sheet for Main River Corp.

Additional information:
1. Assume average balances equal ending balances for the purpose of this exercise.
2. The receivables turnover ratio is 13 times and net credit sales are $1,950,000.
3. The inventory turnover ratio is 6.5 times and cost of goods sold is $1,267,500.
4. The current ratio is 2:1.
5. The debt to total assets ratio is 70%.
Instructions
Calculate the missing information using the ratios.

Transcribed Image Text:

MAIN RIVER CORP Balance Sheet December 31, 2017 Assets Current assets Cash Accounts receivable Inventory $ 20,000 Total current assets Non-current assets 365,000 435,000 s (c) Total assets s (d) Current liabilities Non-current liabilities Total liabilities Shareholders' equity Total liabilities and shareholders' equity s (h)