Question: I have a question with this problem I am getting stuck. It is asking to make a balance sheet from the following information. What is
I have a question with this problem I am getting stuck.
It is asking to make a balance sheet from the following information. What is the networking capital and debt ratio?
Cash $50,000
Accounts receivable $42,700
Accounts payable $23,000
Short-term notes payable $10,500
Inventories $40,000
Gross fixed assets $1,280,000
Other current assets $5,000
Long term debt $200,000
Common stock $490,000
Other assets $15,000
Accumulated depreciation $312,000
Retained earnings ?
Below is what I have but I am still confused if I am going on the right track. Also, do I need to include what was given on creating this balance sheet?
Accounts payable 23,000
Short term notes payable 10,500
total current debt 33,500
long term debt 200,000
total debt 233,500
common stocks 490,000
retained earnings 397,200
total equity 887,200
total debt and equity 1,120,700
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