Complete the balance sheet for XYZ, Inc. based on the following financial data: (6 marks) Balance Sheet XYZ., Inc. Decem

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Complete The Balance Sheet For Xyz Inc Based On The Following Financial Data 6 Marks Balance Sheet Xyz Inc Decem 1 (52.71 KiB) Viewed 31 times

Complete the balance sheet for XYZ, Inc. based on the following financial data: (6 marks) Balance Sheet XYZ., Inc. December 31, 2021 Cash $23,000 Account Receivables $62,000 Inventories Total current assets Gross fixed assets Less: Accumulated Depreciation $30.000 Net Fixed Assets Total Assets Accounts payable $30,000 Notes payable Accruals $18.800 Total current liabilities Long-term debts Total liabilities Preferred stock Common stock @ par $2,000 Paid-in capital in excess of par $20,000 Retnined earnings $90,000 Total stockholders' equity Total liabilities and equity Key Financial Data (2020) 1. Sales totaled $720,000. 2. The gross profit margin was 35 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.