What is the gross fixed asset What is the net fixed assetWhat is the total assetWhat is the notes payableWhat is the total of liabilities and stock holders equity Key Financial Data (2020)Sales totaled P720,000.The gross profit margin was 38.7 percent.Inventory turned 6 times.There are 360 days in a year.The1.2.3.4.5.average collection period was 31 days.The current ratio was 2.35.6.The total asset turnover was 2.81.The debt ratio was 49.4 percent.Total current assets equal P159,565.7.8.9. Complete the balance sheet for General Aviation,Inc. based on the following financial data.Statement of Financial PositionGeneral Aviation, Inc.December 31, 2020AssetsCashP 8,005Marketable securitiesAccounts receivableInventoriesTotal current assetsGross fixed assetsLess: Accumulated depreciationP50,000Net fixed assetsTotal assetsLiabilities and Stockholders' EquityAccounts payableNotes payableAccrualsTotal current liabilitiesLong-term debtsTotal liabilitiesStockholders' equityPreferred stockCommon stock at parPaid-in capital in excess of parRetained earningsTotal stockholders' equityTotal liabilities andstockholders' equityP28,800P18,8002,45130,0006,40090,800

Cost of Goods Sold = Sales x (1 - Gross Profit Margin) Inventory = Cost of Goods Sold / Inventory…

Answered: What is the gross fixed asset What is…

What is the gross fixed asset What is the net fixed asset What is the total asset What is the notes payable What is the total of liabilities and stock holders equity

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.4C

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