The Shannon Corporation has credit sales of $1,187,200. Total assets turnover 3.

Question

The Shannon Corporation has credit sales of $1,187,200.    
  Total assets turnover 3.20 times   Cash to total assets 1.80 percent   Accounts receivable turnover 20 times   Inventory turnover 16 times   Current ratio 1.95 times   Debt to total assets 40 percent    
Using the above ratios, fill in the balance sheet. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)    
SHANNON CORPORATION
Balance Sheet 201X Assets Liabilities and Stockholders' Equity   Cash $      Current debt $      Accounts receivable      Long-term debt      Inventory            Total current assets         Total debt      Fixed assets      Net worth            Total assets $         Total debt and
       stockholders' equity $      
The Shannon Corporation has credit sales of $1,187,200.

Explanation / Answer

Griggs Corporation

Sales/total assets = 3.20 times

Total assets = $1,187,200/2.4

Total assets = $494,666

Cash = 1.8% of total assets

Cash = 1.8%

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.