solution
Complete the following Balance Sheet and the requested sales data in the table
for Acme Industries using the following financial data:
Debt to Total Assets Ratio = 20% Fixed Asset Turnover = 8.0
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Order Paper NowQuick Ratio = 1.25 Total Assets Turnover = 3.5
Average Collection Period = 18 days (Using Total Sales figure)
Gross Profit Margin on Sales = 21%
Inventory Turnover Ratio = 11x
ASSETS LIABILITIES
- Cash $______________ A/C Payable $ ____________
A/C Recv. ______________ LTDebt $ 100,000
Inventory ______________ Common Stock $ ____________
Fixed Assets ______________ Retained Earnings $ 135,000
TOTAL ASSETS $ ______________ TOTAL LIABIL. $_____________
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Sales = $______________________ Cost of Goods Sold = $ _________________
Please provide all the work for the solutions1
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