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Use the following information to constuct a balance sheet and then answer the following qu

Use the following information to constuct a balance sheet and then answer the following questions below.

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 remainder are cash sales. Assume a 360-day year.

Please answer ALL of the following 9 questions below. Find the values of each.

1. Cash _______

2. Accounts receivable _______

3. Inventory _______

4. Net fixed assets _______

5. Total assets _______

6. Notes Payable _______

7. Accounts Payable _______

8. Long-term Debt _____

9. Equity ______

Dec 04 2019 View more View Less

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