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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 Total current assets Long-term debt Stockholders' equity Total liabilities and stockholders'P equity Net fixed assets P600,000 Total Assets 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%

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 Total current assets Long-term debt Stockholders' equity Total liabilities and stockholders'P equity Net fixed assets P600,000 Total Assets 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%

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 4PB
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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%
Transcribed Image Text: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 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: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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