The Griggs Corporation has credit sales of $826,200 2.70 times Total assets turn

Question

The Griggs Corporation has credit sales of $826,200 2.70 times Total assets turnover Cash to total assets Accounts receivable turnover Inventory turnover Current ratio Debt to total assets 1.80 % 10 times 20 times 1.77 times 45 % Using the above ratios, complete the balance sheet. (Round your answers to the nearest whole dollar.) GRIGGS CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity Cash Accounts receivable Inventory Current debt Long-term debt Total debt Total current assets Fixed assets Equity Total assets Total debt and stockholders' equity

Explanation / Answer

Total Assets Turnover = Credit Sales / Total Assets
2.70 = $826,200 / Total Assets
Total Assets = $306,000

Cash to Total Assets = Cash / Total Assets
0.018 = Cash / $306,000
Cash = $5,508

Accounts Receivable Turnover = Credit Sales / Accounts Receivable
10 = $826,200 / Accounts Receivable
Accounts Receivable = $82,620

Inventory Turnover = Credit Sales / Inventory
20 = $826,200 / Inventory
Inventory = $41,310

Current Assets = Cash + Accounts Receivable + Inventory
Current Assets = $5,508 + $82,620 + $41,310
Current Assets = $129,438

Current Ratio = Current Assets / Current Debt
1.77 = $129,438 / Current Debt
Current Debt = $73,129

Total Assets = Current Assets + Fixed Assets
$306,000 = $129,438 + Fixed Assets
Fixed Assets = $176,562

Debt to Total Assets = Total Debt / Total Assets
45% = Total Debt / $306,000
Total Debt = $137,700

Total Debt = Current Debt + Long-term Debt
$137,700 = $73,129 + Long-term Debt
Long-term Debt = $64,571

Total Debt and Stockholders’ Equity = Total Assets
Total Debt and Stockholders’ Equity = $306,000

Total Debt and Stockholders’ Equity = Total Debt + Equity
$306,000 = $137,700 + Equity
Equity = $168,300

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

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