USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW TO ANSWER QUESTIONS 48...
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Accounting
USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW TO ANSWER QUESTIONS 48 through 50 Financial Data for Fedrekoko, Inc. (Unless otherwise noted, all data is for December 31, 2020) Number of shares outstanding 155,000 Average collection period (days) 25 Sales $1,200,000 Accounts payable days 30 Gross profit margin 35% Capital surplus $138,500 Inventory turnover ratio Total dividends paid $4,000 Cash $65,000 Accruals $22,500 Net profit margin 20% Quick ratio Return on assets 15.0% Debt ratio 35% Percent of sales for cash 6 1.4 10% 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 48, 49 and 50. Cash Notes payable Accounts payable Accounts receivable Accruals Inventory Net fixed assets Total assets Long-term debt Common stock ($0.50par value) Capital surplus Retained earnings Total liab. & equity 48. Current assets 49. Long-term debt = 50. Total assets =
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