You are an analyst reviewing Foxx Company. The following data are available for your financial analysis (unless otherwise indicated, all data are as of December 31, Year 2):
|
Current ratio
|
2
|
Days" sales in inventory.
|
36 days
|
|
Accounts receivable turnover.
|
1600%
|
Gross profit margin ratio
|
50%
|
|
Beginning accounts receivable
|
$50,000
|
Expenses (excluding cost of goods sold)
|
$450,000
|
|
Return on end-of-year common equity
|
20%
|
Total debt to equity ratio
|
1
|
|
Sales (all on credit)
|
$1,000,000
|
Noncurrent assets
|
$300,000
|
Required:
Using these data, construct the December 31, Year 2, balance sheet for your analysis. Current assets consist of cash, accounts receivable, and inventory. Balance sheet classifications include cash, accounts receivable, inventory, total noncurrent assets, total current assets, total current liabilities, total noncurrent liabilities, and equity.