Question: Question #1 QUESTION 2 Construct the current assets section of the balance sheet from the following data. (Use 365 days in a year Do not

Question #1

Question #1 QUESTION 2 Construct the current assets section of the balance

QUESTION 2

sheet from the following data. (Use 365 days in a year Do

Construct the current assets section of the balance sheet from the following data. (Use 365 days in a year Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Yearly sales (credit) Inventory turmover (from sales) Current liabilities Current ratio Quick ratio Average collection period Current assets $420,000 $80,000 1.25 7 times 36 days Cash Accounts receivable Inventory Total current assets

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