Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5 X Days sales outstanding: 36.5 days (Calculation is based on a 365-day year) Inventory turnover ratio: 5 X Fixed assets turnover: 3.0 X Current ratio: 2.0 X Gross profit margin on sales: (Sales - Cost of goods sold) ∕ Sales = 25% Cash ------------ Current Liabilities -------- Accounts Receivables ------------ Long Term Liabilities 60000 Inventories ------------ Common Stock -------- Fixed Assets ------------ Retained Earnings 97500 Total Assets 300000 Total Liabilities and Equity --------- Sales Cost of goods sold ---------

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5 X Days sales outstanding: 36.5 days (Calculation is based on a 365-day year) Inventory turnover ratio: 5 X Fixed assets turnover: 3.0 X Current ratio: 2.0 X Gross profit margin on sales: (Sales - Cost of goods sold) ∕ Sales = 25% Cash ------------ Current Liabilities -------- Accounts Receivables ------------ Long Term Liabilities 60000 Inventories ------------ Common Stock -------- Fixed Assets ------------ Retained Earnings 97500 Total Assets 300000 Total Liabilities and Equity --------- Sales Cost of goods sold ---------

Name: Q 2 Complete the balance sheet and sales information using the followi
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Description: Q 2 Complete the balance sheet and sales information using the following financial data:Total assets turnover: 1.5 XDays sales outstanding: 36.5 days (Calculation is based on a 365-day year)Inventory turnover ratio: 5 XFixed assets turnover: 3.0 XCur

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Q 2 Complete the balance sheet and sales information using the following financial data:

Total assets turnover: 1.5 X

Days sales outstanding: 36.5 days (Calculation is based on a 365-day year)

Inventory turnover ratio: 5 X

Fixed assets turnover: 3.0 X

Current ratio: 2.0 X

Gross profit margin on sales: (Sales - Cost of goods sold) ∕ Sales = 25%

Cash	------------	Current Liabilities	--------
Accounts Receivables	------------	Long Term Liabilities	60000
Inventories	------------	Common Stock	--------
Fixed Assets	------------	Retained Earnings	97500
Total Assets	300000	Total Liabilities and Equity	---------
Sales		Cost of goods sold	---------

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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