Please show work. Thank you! Given the financial data and ratios listed below for...
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Given the financial data and ratios listed below for the Atlanta Company, determine what Atlanta Company recorded as Notes payable on its 2012 balance sheet. (Record your answer without a dollar sign, without commas, and if the answer is a negative number, use the minus sign followed by the number with no spaces between the minus sign and the number thus record $3,843 as 843 or negative 18 as -18) $10,000 40% Sales Gross profit margin Inventory turnover ratio Net profit margin Average collection period Return on equity (ROE) Return on assets (ROA) Cash Current ratio Accounts payable days 4 times 8% 45 days 50% 20% $250 2.5 30 days Notes: Of total sales, 80 percent are on credit, 20% are cash sales Use COGS for inventory turnover ratio Assume a 360 day year Atlanta Company Balance Sheet for Year Ending December 31, 2012 Cash Accounts receivable Inventory Net fixed assets Total assets Notes payable Accounts payable Long-term debt Equity Total liab. & equity
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