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

Explanation / Answer

ASSETS Cash $25,000 3.4% Accounts receivable $125,000 _17%____ Inventory __$199,000_____ 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 $393,000 __53.4%___ Common stock ($.01 par, 450,000 shares) $4,500 0.6% Paid-in capital $220,500 29.9% Retained earnings __$392,000_____ _53.3%____ Total stockholders’ equity $344,000 46.7% Total liabilities and equity __$736,000_____ 100.0%

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