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Determine to amount of total assets - MBA program

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Determine the amount of total assets, current assets, and noncurrent assets at the end of the period, given the following data:

Current liability, ending balance $50,000
Current ratio, ending 1:6:1
Owners' equity, beginning balance $120,000
Inventory, beginning balance $ 35,000

Purchases during the period $40,000
Inventory, ending balance $30,000
Gross margin percentage 45%
Profit margin 10%
Long term debt, ending balance $40,000

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Solution Summary

The expert determines the amount of total assets, current assets, and non-current assets at the end of the period, given the following data.

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Current Assets = Current ratio * Current Liabilities
=1.6*50000
$80,000.00

Let us Calulate the Sales, Profit afer taxes

Cost of Goods Sold= Purchases + Closing Inventory- Opening Inventory
=40000+30000-35000
35000

Gross Margin is 45% on Sales
Let the Sales be 100, Thus Cost of goods sold = Sales- Gross ...

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