USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 42 through 46 Number...
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USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 42 through 46 Number of shares outstanding Sales Gross profit margin Inventory turnover ratio Notes payable Net profit margin Return on assets Financial Data for Spinaway, Inc. (Unless otherwise noted, all data is for December 31, 2022) Percent of sales on credit Gross fixed assets Cash Accounts receivable Inventory Current assets 72,000 $960,000 20% Gross fixed assets (Accumulated depreciation) Net fixed assets Land Total assets 8 42. Cash- 43. Current assets-> 44. Current liabilitics= 45. Total liabilities - 46. Total shareholder equity- $18,000 15% 8.0% 90% Average collection perlod (days) Accounts payable days Retained earnings (Dec 31, 2021) Dividends paid in 2022 Accruals Land Debt ratio Par value per share Accumulated depreciation $2,276,000 Assume a 360-day year and assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions 42, 43, 44, 45 and 46. Spinaway, Inc. Balance Sheet for the Year Ending December 31, 2022 NOTE: When you create the balance sheet associated with the data above, round all figures (if necessary) to the nearest whole dollar (i.e., to 0 decimal places). Be sure that your final balance sheet balances. 25 15 $328,000 $65,000 $21,000 $186,000 Notes payable Accounts payable Accruals Current liabilities Long-term debt Total liabilities Common stock Capital surplus Retained earnings Total liab. & equity 55% $0.50 $940,000 USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 42 through 46 Number of shares outstanding Sales Gross profit margin Inventory turnover ratio Notes payable Net profit margin Return on assets Financial Data for Spinaway, Inc. (Unless otherwise noted, all data is for December 31, 2022) Percent of sales on credit Gross fixed assets Cash Accounts receivable Inventory Current assets 72,000 $960,000 20% Gross fixed assets (Accumulated depreciation) Net fixed assets Land Total assets 8 42. Cash- 43. Current assets-> 44. Current liabilitics= 45. Total liabilities - 46. Total shareholder equity- $18,000 15% 8.0% 90% Average collection perlod (days) Accounts payable days Retained earnings (Dec 31, 2021) Dividends paid in 2022 Accruals Land Debt ratio Par value per share Accumulated depreciation $2,276,000 Assume a 360-day year and assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions 42, 43, 44, 45 and 46. Spinaway, Inc. Balance Sheet for the Year Ending December 31, 2022 NOTE: When you create the balance sheet associated with the data above, round all figures (if necessary) to the nearest whole dollar (i.e., to 0 decimal places). Be sure that your final balance sheet balances. 25 15 $328,000 $65,000 $21,000 $186,000 Notes payable Accounts payable Accruals Current liabilities Long-term debt Total liabilities Common stock Capital surplus Retained earnings Total liab. & equity 55% $0.50 $940,000
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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