Complete the balance sheet for Delivery Specialists based on the following financial data: Balance Sheet Delivery
Question:
- Complete the balance sheet for Delivery Specialists based on the following financial data:
Balance Sheet
Delivery Specialists
December 31, 2014
Assets | |
Cash | $8,005 |
Marketable securities | - |
Accounts receivable | |
Inventories | - |
Total current assets | |
Gross fixed assets | - |
Less: Accumulated depreciation | -$50,000 |
Net fixed assets | - |
Total assets | |
|
|
Liabilities and Stockholders’ Equity | |
Accounts payable | $28,800 |
Notes payable | |
Accruals | $18,800 |
Total current liabilities | |
Long-term debts | |
Total Liabilities | |
Stockholders’ equity |
|
Preferred stock | 2,451 |
Common stock at par | 30,000 |
Pain-in capital in excess of par | 6,400 |
Retained earnings | 90,800 |
Total stockholders’ equity | |
Total liabilities and stockholders’ equity | |
|
|
Financial Data (2014)
1. Sales of $720,000.
2. The gross profit margin was 38.7 percent.
3. Inventory turned 6 times relative to cost of goods sold
4. Assume 360 days in a year.
5. The average collection period was 31 days.
6. The current ratio was 2.35.
7. The total asset turnover was 2.81.
8. The debt ratio was 49.4 percent.
9. Total current assets equal $159,565.
Can you help me to complete this balance sheet with the ratios provided? Can you provide the equations that you used to fill in the appropriate areas?
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,