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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

#### Solution Preview

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 ...

#### 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.

\$2.49