Question:
The Shannon Corporation has credit sales of $750,000. Given the following ratios, fill in the balance sheet at the bottom.
Total assets turnover 2.5 times
Cash to total assets 2.0 percent
Accounts receicable turnover 10.0 times
Inventory turnover 15.0 times
Current ratio 2.0
Debt to total assets 45.0 percent
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SHANNON CORPORATION
Balance Sheet 201X
Assets Liabilities
Cash ___________ Current debt __________
Account receivable ___________ Long-term debt __________
Inventory ___________ Total debt __________
Total current assets ___________ Net worth ___________
Fixed assets ___________ Total debt and
Total assets __________ Stockholder's equity ____________