Fill in the missing values on the balance sheet and income statement below for t

Question

Fill in the missing values on the balance sheet and income statement below for the Adams Company. Use the ratios that are given to calculate the missing values. These ratios are sufficient for you to derive the missing information.

Current ratio = 5.3225806451613

Debt ration = 0.29090909090909

Total asset turnover = 1.4866310160428 times/yr

Gross profit margin = 0.4

Net profit margin = 0.04

Inventory turnover = 9.8117647058824 times/yr

Receivables turnover = 9.9285714285714 times/yr

Important: Do not round the ratios until your have found the final answer in each case. This is done so that the values on the balance sheet and income statement come out as whole numbers.

Cash                   _____________

Accts Rec           _____________

Inventory             ______________

Fixed Assets        ______________

Total Assets        935,000.00

Accts payable          _____________

Long term debt         ___________

Common stock          _____________

Retained Earn            _____________

Total Liab & Equity ____________

Sales                       _________________

Cost of Goods Sold ________________

Net Income             ________________

Explanation / Answer

Total asset turnover = 1.4866310160428 times/yr Sales /Total assets = 1.4866310160428 Sales = 1.4866310160428*935000 Sales = $1390000 Debt ration = 0.29090909090909 Total debts/Total assets = 0.29090909090909 Total debts = 0.29090909090909-935000 Total debts = 272000 Inventory turnover = 9.8117647058824 times/yr COGS/Invntory =9.8117647058824 times/yr Inventory =834000/9.8117647058824 Inventory =85000 Receivables turnover = 9.9285714285714 times/yr Sales/Accounts receivable = 9.9285714285714 times/yr Accounts receivable =1390000/ 9.9285714285714 times/yr Accounts receivable =140000 COGS = Purchases-Closing stock Purchases = 834000+85000 Purchases = 919000 Accounts payable turnover =? Current ratio = 5.3225806451613 Cash Account rece 140000 Inventory 85000 Fixed assets Total Assets 935000 Account payable Long term debt 272000 Common stock Retained earnngs 55600 Total Liab & Equity 935000 Sales 1390000 Cost of goods sold (1390000-GP) = (1390000-1390000*0.4) 834000 Net income (1390000*0.04) 55600 Note: Some information is missed out in the question Based on the available data above figures are worked out

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