The Balance sheet for Sam Corporation
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1. The Balance sheet for Sam Corporation is shown below. Sales for the year were $3,040,000, with 75% of sales sold on credit.3-19
Sam Corporation
Balance Sheet 2007
Assets Liabilities and Stockholders Equity
Cash.......................$ 50,000 Accounts payable................$ 220,000
Accounts receivable...... 280,000 Accrued Taxes................... 80,000
Inventory...................240,000 Bonds payable (long term)..... 118,000
Plant and Equipment......380,000 Common Stock................... 100.000
Paid -in capital................... 150,000
Retained earnings................ 282,000
Total liabilities and
Total Assets...............$950,000 stockholder equity............$ 950,000
Compute the following ratios
a. Current ratio
b. Quick ratio
c. Debt to total assets ratio
d. Asset turnover
e. Average collection period.
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Solution Summary
This solution is comprised of a detailed explanation to compute the following ratios
a. Current ratio
b. Quick ratio
c. Debt to total assets ratio
d. Asset turnover
e. Average collection period.
Solution Preview
1. The Balance sheet for Sam Corporation is shown below. Sales for the year were $3,040,000, with 75% of sales sold on credit.3-19
Sam Corporation
Balance Sheet 2007
Assets Liabilities and Stockholders Equity
Cash.......................$ 50,000 Accounts payable................$ 220,000
Accounts receivable...... 280,000 Accrued ...
Purchase this Solution
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