Complete the following balance sheet using the information given. Round account balances to the nearest...
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Accounting
Complete the following balance sheet using the information given. Round account balances to the nearest dollar.
| Balance Sheet |
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| Income Statement |
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| Cash |
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| Sales (All Credit) | $40,000 |
| Accounts receivable |
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| Cost of goods sold | 20,000 |
| Inventory |
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| Operating expenses | 12,000 |
| Net fixed assets |
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| Interest expense | 200 |
| Total assets |
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| Taxes | 2 730 |
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| Net income | $5,070 |
| Accounts payable |
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| Short-term notes payable | $1,425 |
| Ratios: |
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| Long-term debt |
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| Profit Margin = | 12.675% |
| Common stock | $5,000 |
| Return on Equity = | 15% |
| Retained earnings |
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| Quick Ratio = | 1.2 |
| Total Liabilities and equity |
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| Return on Total Assets = | 10% |
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| Fixed Asset Turnover = | 1.6 |
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| Current Ratio = | 2 |
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| Days Sales Outstanding = | 45 |
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