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General Aviation, Inc Finances

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.

Solution Summary

The solution examines General Aviation, Inc.

$2.19