Complete the following balance sheet using the information given. Round account balances to the nearest dollar.
Balance Sheet
Income Statement
Cash
Sales (All Credit)
$40,000
Accounts receivable
Cost of goods sold
20,000
Inventory
Operating expenses
12,000
Net fixed assets
Interest expense
200
Total assets
Taxes
2 730
Net income
$5,070
Accounts payable
Short-term notes payable
$1,425
Ratios:
Long-term debt
Profit Margin =
12.675%
Common stock
$5,000
Return on Equity =
15%
Retained earnings
Quick Ratio =
1.2
Total Liabilities and equity
Return on Total Assets =
10%
Fixed Asset Turnover =
1.6
Current Ratio =
2
Days Sales Outstanding =
45
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