On the basis of the following data related to assets due within one year for simmons Co. prepared partial balance sheet in good from at december 31, show total current asset Cash 96,000 Notes receivable 50,000 Accounts receivable 275,000 Allowance for Doubtfull Account 40,000 Interest Receivable 1,000

On the basis of the following data related to assets due within one year for simmons Co. prepared partial balance sheet in good from at december 31, show total current asset Cash 96,000 Notes receivable 50,000 Accounts receivable 275,000 Allowance for Doubtfull Account 40,000 Interest Receivable 1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ces Given the following information, complete the balance sheet shown next. Collection period Days' sales in cash Current ratio Inventory turnover Liabilities to assets Payables period Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets (All sales are on credit. All calculations assume a 365-day year. The payables period is based on cost of goods sold.) Note: Round your answers to the nearest whole dollar. Liabilities and shareholders' equity Current liabilities: 71 days 33 days 2.2 times Accounts payable Short-term debt Total current liabilities Long-term debt Shareholders' equity Total liabilities and equity 5 65% 35 days $ $ 1,300,000 2,000,000 7,000,000
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