Question: pls solve quickly T 2-2 Balance sheet completion using ratios Complete the 2003 balance sheet for O'Keefe Industries using the information that follows it. Assets

pls solve quickly pls solve quickly T 2-2 Balance sheet completion using ratios Complete the

T 2-2 Balance sheet completion using ratios Complete the 2003 balance sheet for O'Keefe Industries using the information that follows it. Assets Cash Marketable securities Accounts receivable Inventorics Total current assets Net fixed assets Total assets O'Kecfc Industries Balance Sheet December 31, 2003 Liabilities and Stockholders' Equity $30,000 Accounts payable $120,000 25,000 Notes payable Accruals 20.000 Total current liabilities Long-term debt Stockholders' cquity $600,000 $ Total liabilities and stockholders' equity $ The following financial data for 2003 are also available: (1) Sales totaled $1,800,000. (6) The current ratio was 1.60. (2) The gross profit margin was 25%. (7) The total asset turnover ratio (3) Inventory turnover was 6.0. was 1.20. (4) There are 360 days in the year. (8) The debt ratio was 60%. (5) The average collection period was 40 days

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!