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USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET

TO ANSWER QUESTIONS $42$ through $46$

Financial Data for Spinaway, Inc.

$($Unless otherwise noted, all data is for December $31,2022)$

Number of shares outstanding

$120,000$

Average collection period $($days$)$

$36$

Sales

$$1,500,000$

Accounts payable days

$18$

Gross profit margin

$20\%$

Retained earnings $($Dec $31,2021)$

$$328,000$

Inventory turnover ratio

$5$

Dividends paid in $2022$

$$75,000$

Notes payable

$$22,000$

Accruals

$$9,000$

Net profit margin

$8\%$

Land

$$186,000$

Return on assets

$5\mathrm{.}0\%$

Debt ratio

$64\%$

Percent of sales on credit

$90\%$

Par value per share

$$0\mathrm{.}40$

Gross fixed assets

$$3,426,000$

Accumulated depreciation

$$1,840,000$

Assume a $360-$day year and assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions $42,43,44,45$ and $46.$

NOTE: When you create the balance sheet associated with the data above, round all figures $($if necessary$)$ to the nearest whole dollar $($i$.$e$.,$ to $0$ decimal places$).$ Be sure that your final balance sheet balances.

Spinaway, Inc.

Balance Sheet for the Year Ending December $31,2022$

Cash $\_\_\_\_\_\_\_\_\_\_$ Notes payable

$\_\_\_\_\_\_\_\_\_\_$

Accounts receivable

$\_\_\_\_\_\_\_\_\_\_$

Accounts payable

$\_\_\_\_\_\_\_\_\_\_$

Inventory

$\_\_\_\_\_\_\_\_\_\_$

Accruals

$\_\_\_\_\_\_\_\_\_\_$

Current assets

$\_\_\_\_\_\_\_\_\_\_$

Current liabilities

$\_\_\_\_\_\_\_\_\_\_$

Gross fixed assets

$\_\_\_\_\_\_\_\_\_\_$

Long$-$term debt

$\_\_\_\_\_\_\_\_\_\_$

$($Accumulated depreciation$)$

$\_\_\_\_\_\_\_\_\_\_$

Total liabilitiies

$\_\_\_\_\_\_\_\_\_\_$

Net fixed assets

$\_\_\_\_\_\_\_\_\_\_$

Common stock

$\_\_\_\_\_\_\_\_\_\_$

Land

$\_\_\_\_\_\_\_\_\_\_$

Capital surplus

$\_\_\_\_\_\_\_\_\_\_$

Total assets

$\_\_\_\_\_\_\_\_\_\_$

Retained earnings

$\_\_\_\_\_\_\_\_\_\_$

Total liab. & equity

$\_\_\_\_\_\_\_\_\_\_$

Cash $=\_\_\_\_\_\_\_\_\_\_\_\_.$

Current assets $=\_\_\_\_\_\_\_\_\_\_\_\_.$

Current liabilities $=\_\_\_\_\_\_\_\_\_\_\_\_.$

Total liabilities $=\_\_\_\_\_\_\_\_\_\_\_\_.$

Total shareholder equity $=\_\_\_\_\_\_\_\_\_\_\_\_.$USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSIVER QUESTIONS $42$ through $46$

Financial Data for Spinaway, Inc.

$($Unless otherwise noted, all data is for December $31,2022)$

$\backslash$table$[[$Number of shares outstanding,$120,000,$Average collection period $($days$),36],[$Sales$,$$$1,500,000,$Accounts payable days,$18],[$Gross profit margin,$20\%,$Retained earnings $($Dec $31,2021),$$$328,000$

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