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The Shannon Corporation deals in textile products. Due to certain reasons the company was closed and records of same are out of access now except given below. Use the given information to make balance sheet for year 2019   Sales $750,000 Total asset turnover 5 times Cash to total assets 0 percent Accounts Receivable Turnover 0 times Inventory turnover 0 times Current Ratio 0 times Debt to total assets 0 percent SHANNON CORPORATION  BALANCE SHEET , 2019 Assets Liabilities & Shareholder's Equity                 Cash       Total Current Liabilities   Accounts Receivable   Long term Debt     Inventory     Total Debt     Total Current assets           Fixed Assets     Net Worth     Total Assets     Total Liabilities & Equity

The Shannon Corporation deals in textile products. Due to certain reasons the company was closed and records of same are out of access now except given below. Use the given information to make balance sheet for year 2019   Sales $750,000 Total asset turnover 5 times Cash to total assets 0 percent Accounts Receivable Turnover 0 times Inventory turnover 0 times Current Ratio 0 times Debt to total assets 0 percent SHANNON CORPORATION  BALANCE SHEET , 2019 Assets Liabilities & Shareholder's Equity                 Cash       Total Current Liabilities   Accounts Receivable   Long term Debt     Inventory     Total Debt     Total Current assets           Fixed Assets     Net Worth     Total Assets     Total Liabilities & Equity

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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The Shannon Corporation deals in textile products. Due to certain reasons the company was closed and records of same are out of access now except given below. Use the given information to make balance sheet for year 2019

 

  1. Sales $750,000
  2. Total asset turnover 5 times
  3. Cash to total assets 0 percent
  4. Accounts Receivable Turnover 0 times
  5. Inventory turnover 0 times
  6. Current Ratio 0 times
  7. Debt to total assets 0 percent

SHANNON CORPORATION

 BALANCE SHEET , 2019

Assets

Liabilities & Shareholder's Equity

 

 

 

 

 

 

 

 

Cash

    

 

Total Current Liabilities

 

Accounts Receivable

 

Long term Debt

  

 

Inventory

  

 

Total Debt

  

 

Total Current assets

 

      

 

Fixed Assets

  

 

Net Worth

  

 

Total Assets

 

 

Total Liabilities & Equity

 
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