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Thomas Edison State FIN 301 written assignment 2




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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