USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW (note that the accounts...
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Accounting
USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW (note that the accounts listed below are the ONLY accounts on this company's balance sheet) AND THEN ANSWER QUESTIONS 1 THROUGH 9 . Gross profit margin - 70% Inventory turnover ratio - 5 times Sales - $4,000 Net profit margin - 5% Average collection period - 45 days Return on equity - 50% Return on assets - 20% Cash - $75 Current ratio - 2.50 times Accounts payable days - 30 days Note: Of total sales, 80 percent are on credit and the remainderare cash sales. Assume a 360-day year Cash Accounts receivable Inventory Net fixed assets Total assets Notes payable Accounts payable Long-term debt Equity Total liab. & equity
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