Construct the current assets section of the balance sheet from the following data (Use cash as a plug figure after computing the other values ) (Use a 360 day year Do not round intermediate calculations ) Yearly sales (credit) $ 448,000 Inventory turnover 8 times Current liabilities $ 108,000 Current ratio 2 Average collection period 36 days Partial Balance Sheet Current assets Cash Accounts receivable Inventory Total current assets

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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.) (Use

Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) (Use a 360-day year. Do not round intermediate calculations.)


Yearly sales (credit)	$	448,000
Inventory turnover		8	times
Current liabilities	$	108,000
Current ratio		2
Average collection period		36	days

Partial Balance Sheet
Current assets:
Cash
Accounts receivable
Inventory
Total current assets

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