Use your knowledge of balance sheets and common-size statements to fill in the m

Question

Use your knowledge of balance sheets and common-size statements
to fill in the missing dollar amounts:
ASSETS
Cash $25,000 3.4%
Accounts receivable $125,000 _____
Inventory _______ 27.1%
Total current assets $350,000 ______
Gross plant and equipment _______ 95.0%
Less: accumulated depreciation $313,000 42.5%
Net plant and equipment _______ ______
Total assets $737,000 100.0%
LIABILITIES
Accounts payable _______ 15.7%
Notes payable $29,000 3.9%
Total current liabilities _______ _____
Long-term debt $248,000 33.6%
Total liabilities $393,000 _____
Common stock ($.01 par,
450,000 shares) $4,500 0.6%
Paid-in capital $220,500 29.9%
Retained earnings _______ _____
Total stockholders’ equity $344,000 46.7%
Total liabilities and equity _______ 100.0%

Explanation / Answer

Cash $25,000 3.4% Accounts receivable $125,000 17 % Inventory $200,000 27.1% Total current assets $350,000 47.5% Gross plant and equipment 700,000 95.0% Less: accumulated depreciation $313,000 42.5% Net plant and equipment $ 387,000 52.5% Total assets $737,000 100.0% LIABILITIES Accounts payable $116,000 15.7% Notes payable $29,000 3.9% Total current liabilities $ 145,000 19.7% Long-term debt $248,000 33.6% Total liabilities $393,000 53.3% Common stock ($.01 par, 450,000 shares) $4,500 0.6% Paid-in capital $220,500 29.9% Retained earnings $ 119,000 _____ Total stockholders’ equity $344,000 46.7% Total liabilities and equity $ 737,000 100.0

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