Complete the following balance sheet for the Range Company using the following information: Debt to Assets...
Complete the following balance sheet for the Range Company using
the following information:
Debt to Assets = 60%
Quick Ratio = 1.1
Asset Turnover = 5x
Capital Asset Turnover = 12.037x
Current Ratio = 2
Average Collection Period = 17.0708 days
Assume all sales are on credit.
Cash _______ Current Liabilities _______
Receivables _______ Bonds Payable _______
Inventory _______ Total Liabilities _______
Total Current Assets _______ Net Worth _______
Plant and Equipment _______
Total Assets $325,000 Total Liab and NW _______
Homework Answers
v
| Total assets: 325000 | ||||||||
| Debt to assets: 60% | ||||||||
| Debts = 325000*60% = 195000 | ||||||||
| Net worth =Total assets - Debts = 325000-195000 = 130000 | ||||||||
| Assets turnover = 5x | ||||||||
| Sales revenue = 5*325000 = 1625000 | ||||||||
| Capital Assets Turnover = 12.037x | ||||||||
| Capital assets (Fixed assets)= 1625000/12.037 =135000 | ||||||||
| Current assets = Total assets - Fixed assets = 325000-135000 = 190000 | ||||||||
| Current ratio = 2 | ||||||||
| Current ratio = Current assets / Current liabilities | ||||||||
| 2 = 190000 / Current liabilities | ||||||||
| Currrent liabilities = 95000 | ||||||||
| Total debts = Current liabilities + Bonds payable | ||||||||
| Bonds payable = 195000-95000 = 100000 | ||||||||
| Quick ratio = 1.1 | ||||||||
| Quick ratio = Liquid assets / Curren liabilities | ||||||||
| 1.1 = Liquid assets / 95000 | ||||||||
| Liquid assets = 104500 | ||||||||
| Inventory = Current assets -Liquid assets | ||||||||
| Inventory = 190000-104500 = 85500 | ||||||||
| Average collection period = 17.0708 days | ||||||||
| Average collection period = 365 *Accounts receivable / Net sales | ||||||||
| 17.0708 = 365 / 1625000 * Accounts receivable | ||||||||
| Accounts receivable = 76000 | ||||||||
| Current assets = Cash+ Accounts receivable + Inventory | ||||||||
| 190000 =Cash + 76000+85500 | ||||||||
| Cash = 28500 | ||||||||
| Balance Sheet: | ||||||||
| Cash | 28500 | Current liabilities | 95000 | |||||
| Receivables | 76000 | Bonds payable | 100000 | |||||
| Inventory | 85500 | Total liabilities | 195000 | |||||
| Total Current assets | 190000 | |||||||
| Plant and equipment | 135000 | Net worth | 130000 | |||||
| Total assets | 325000 | Total liab and NW | 325000 | |||||
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