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    General Aviation, Inc Finances

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    Complete the balance sheet for General Aviation, Inc. based on the following financial data.

    Balance Sheet
    General Aviation, Inc.
    December 31, 2005

    Assets
    Cash $ 8,005
    Marketable securities ?
    Accounts receivable ?
    Inventories ?
     Total current assets ?
    Gross fixed assets ?
    Less: Accumulated depreciation $50,000
    Net fixed assets ?
     Total assets ?

    Liabilities and Stockholders' Equity
    Accounts payable $28,800
     Notes payable ?
     Accruals $18,800
    Total current liabilities ?
    Long term debts ?
     Total liabilities ?
    Stockholders' equity
     Preferred stock 2,451
     Common stock at par 30,000
     Paid in capital in excess of par 6,400
     Retained earnings 90,800
      Total stockholders' equity ?
      Total liabilities and stockholders' equity ?

    Key Financial Data (2005)
    1. Sales totaled $720,000.
    2. The gross profit margin was 38.7 percent.
    3. Inventory turned 6 times.
    4. There are 360 days in a year.
    5. The average collection period was 31 days.
    6. The current ratio was 2.35.
    7. The total asset turnover was 2.81.
    8. The debt ratio was 49.4 percent.
    9. Total current assets equal $159,565.

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    Solution Summary

    The solution examines General Aviation, Inc.

    $2.49

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