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##### Thomas Edison State FIN 301 written assignment 2

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Question;Fill in the blanks (_________) with the correct entries.;Assets;Liabilities;and Stockholders' Equity;Current;asset;Current;liabilities;Cash;\$;250,000;Accounts payable;\$ 620,000;Accounts receivable;Notes payable to;banks;\$130,000;Less;Allowance for doubtful accounts;(\$20,000);Accrued wages;1,320,000;Taxes;owed;100,000;Inventory;1,410,000;Total current;liabilities;\$1,250,000;Total current;Assets;Long-term debt;Land;Stockholders;equity;Preferred stock;1,000,000;Plant and equipment;(\$2,800,000 less accumulated depreciation \$);2,110,000;Common stock (\$1;par, 750,000 shares authorized, 700,000 outstanding);Retained earnings;Total stockholders;equity;\$3,140,000;Total assets;\$5,390,000;Total liabilities;and equity;8.;Given the;following information, compute the current and quick ratios;?;Cash;\$100,000;?;Accounts;receivable 357,000;?;Inventory;458,000;?;Current;liabilities 498,000;?;Long-term;debt 610,000;?;Equity;598,0009. If a firm has sales of \$25,689,000 a year, and the;average collection period for the industry is 45 days, what should this;firm?s accounts receivable be if the firm is comparable to the industry?;11 A firm with sales of \$500,000 has an average inventory;of \$200,000. The industry average for inventory turnover is four times a;year. What would be the reduction in inventory if this firm were to;achieve a turnover comparable to the industry average?

Paper#50750 | Written in 18-Jul-2015

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