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Question
Complete the following balance sheet using the information given. Round account balances to the nearest dollar.| Balance Sheet | Income Statement | |||
| Cash | Sales (All Credit) | $20,000 | ||
| Accounts receivable | Cost of goods sold | 10,000 | ||
| Inventory | Operating expenses | 6,000 | ||
| Net fixed assets | Interest expense | 100 | ||
| Total assets | Taxes | 1,365 | ||
| Net income | $2,535 | |||
| Accounts payable | ||||
| Short-term notes payable | $1,425 | Ratios: | ||
| Long-term debt | Profit Margin = | 12.675% | ||
| Common stock | $5,000 | Return on Equity = | 15% | |
| Retained earnings | Quick Ratio = | 1.2 | ||
| Total Liabilities and equity | Return on Total Assets = | 10% | ||
| Fixed Asset Turnover = | 1.6 | |||
| Current Ratio = | 2 | |||
| Days Sales Outstanding = | 45 |
Answer
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