Question: please help USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 45 through 47 40% Financial Data for Spinaway, Inc. (Unless otherwise
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USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 45 through 47 40% Financial Data for Spinaway, Inc. (Unless otherwise noted, all data is for December 31, 2020) 620,000 Number of shares outstanding 40 Average collection period (days) $10,645,000 Sales 60 Accounts payable days Gross profit margin 24% Retained earnings (Dec 31, 2019) $1,249,000 12 Inventory turnover ratio 80% Dividend payout ratio Notes payable $168,000 Accruals $84,000 12% Net profit margin 1.2 Current ratio Return on assets 7.5% Debt ratio Percent of sales on credit 90% Par value per share $2.50 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 45, 46 and 47. NOTE: When you create the balance sheet associated with the data abore, round all figures (if necessary) to the nearest whole dollar (ie, to 0 decimal places). Be sure that your final balance sheet balances. Cash Accounts receivable Inventory Notes payable Accounts payable Accruals Current liabilities Long-term debt Total liabilities Current assets Gross fixed assets Accumulated depreciation Net fixed assets Equity Total liab. & equity Land Total assets is 1757 45. Cash = 46. Total liabilities = 47. Total shareholder equity =
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