One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet.
Assets
Liabilities & Equity
Cash
$ 100,000
Current Liabilities
Receivables
Long Term Debt
Inventory
Total Debt
Plant
Common Equity
$ 600,000
Total Assets
Total Claims
Additional Information:
Current Ratio is 2.5 ; Average Collection Period is 54 days ; Total Debt to Total Assets 40 percent ; Total Asset Turnover is 2 ; Inventory Turnover 5.
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