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Balance sheet completion using financial ratios. Complete the 2003 balance sheet for Sometimes Industries using the information that follows it. Sometimes Industries Balance Sheet December 31, 2003 Liabilities and Stockholders' Equity Accounts payable Notes payable Assets Cash P30,000 P120,000 Marketable securities 25,000 Accounts receivable Accruals 20,000 Inventories Total current liabilities Long-term debt Stockholders' equity Total current assets Net fixed assets P600,000 Total Assets Total liabilities and stockholders' equity The following financial data for 2003 are also available: 1. Sales totalled P1,800,000 2. The gross profit margin was 25% 3. Inventory turnover was 6.0 4. There are 360 days in the year 5. The average collection period was 40 days 6. The current ratio was 1.60 7. The total asset turnover ratio was 1.20 8. The debt ratio was 60% The Accounts receivable is Your answer The inventories is Your answer The Total Current Assets is Your answer The Net Fixed Assets is Your answer The Total Assets is Your answer

Balance sheet completion using financial ratios. Complete the 2003 balance sheet for Sometimes Industries using the information that follows it. Sometimes Industries Balance Sheet December 31, 2003 Liabilities and Stockholders' Equity Accounts payable Notes payable Assets Cash P30,000 P120,000 Marketable securities 25,000 Accounts receivable Accruals 20,000 Inventories Total current liabilities Long-term debt Stockholders' equity Total current assets Net fixed assets P600,000 Total Assets Total liabilities and stockholders' equity The following financial data for 2003 are also available: 1. Sales totalled P1,800,000 2. The gross profit margin was 25% 3. Inventory turnover was 6.0 4. There are 360 days in the year 5. The average collection period was 40 days 6. The current ratio was 1.60 7. The total asset turnover ratio was 1.20 8. The debt ratio was 60% The Accounts receivable is Your answer The inventories is Your answer The Total Current Assets is Your answer The Net Fixed Assets is Your answer The Total Assets is Your answer

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter24: Analysis Of Financial Statements
Section: Chapter Questions
Problem 10SPA: RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem...
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2:05 Balance sheet completion using financial ratios. Complete the 2003 balance sheet for Sometimes Industries using the information that follows it. Sometimes Industries Balance Sheet December 31, 2003 Assets Liabilities and Stockholders' Equity Cash P30,000 Accounts payable Notes payable $120,000 Marketable securities 25,000 Accounts receivable Accruals 20,000 Inventories Total current liabilities Long-term debt Stockholders' equity Total current assets Net fixed assets P600,000 Total Assets Total liabilities and stockholders equity The following financial data for 2003 are also available: 1. Sales totalled P1,800,000 2. The gross profit margin was 25% 3. Inventory turnover was 6.0 4. There are 360 days in the year 5. The average collection period was 40 days 6. The current ratio was 1.60 7. The total assetturnover ratio was 1.20 8. The debt ratio was 60% The Accounts receivable is Your answer The inventories is Your answer The Total Current Assets is Your answer The Net Fixed Assets is Your answer The Total Assets is Your answer The Notes Payable is Your answer The Total Current Liabilities is Your answer The Long Term Debts is 0. The Total Liabilities and Stockholder's Equity is Your answer
Transcribed Image Text:2:05 Balance sheet completion using financial ratios. Complete the 2003 balance sheet for Sometimes Industries using the information that follows it. Sometimes Industries Balance Sheet December 31, 2003 Assets Liabilities and Stockholders' Equity Cash P30,000 Accounts payable Notes payable $120,000 Marketable securities 25,000 Accounts receivable Accruals 20,000 Inventories Total current liabilities Long-term debt Stockholders' equity Total current assets Net fixed assets P600,000 Total Assets Total liabilities and stockholders equity The following financial data for 2003 are also available: 1. Sales totalled P1,800,000 2. The gross profit margin was 25% 3. Inventory turnover was 6.0 4. There are 360 days in the year 5. The average collection period was 40 days 6. The current ratio was 1.60 7. The total assetturnover ratio was 1.20 8. The debt ratio was 60% The Accounts receivable is Your answer The inventories is Your answer The Total Current Assets is Your answer The Net Fixed Assets is Your answer The Total Assets is Your answer The Notes Payable is Your answer The Total Current Liabilities is Your answer The Long Term Debts is 0. The Total Liabilities and Stockholder's Equity is Your answer
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