Preparing a company balance sheet
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To prepare the balance sheet for Usher, Inc., as of December 31, 2005. Please use the following information. All information pertains to fiscal 2005 unless otherwise stated.
- Retained earnings at December 31, 2004 is $234,000
- Sales (all credit sales) are $2.5M
- Days to sell inventory is 20
- Cash on hand is 1% of sales
- All sales are paid 30 days after purchase
- Noncurrent assets are $ 1M
- Long-term debt to equity ratio is 1
- All liabilities, other than long-term debt, are short term liabilities
- 20,000 shares outstanding issued at $10 in 2004
- No dividends are paid
- Gross margin is 40%
- Net profit margin is 8%
- Assume there are 360 days in the year
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This solution aids with preparing a balance sheet in Excel.
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