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 2019Sales $750,000Total asset turnover 2.5 timesCash to total assets 2.0 percentAccounts Receivable Turnover 10.0 timesInventory turnover 15.0 timesCurrent Ratio 2.0 timesDebt to total assets 45.0 percent

Sales $750,000 Total asset turnover 2.5…

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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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Q: 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 d) Sales. $750,000 e) Total assets turnover 2.5 times f) Cash to total assets. 2.0 percent g) Accounts Receivable Turnover 10.0 times h) Inventory turnover 15.0 times i) Current Ratio 2.0 times j) Debt to total assets 45.0 percent Note : the other part is given below on the form of picture.
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