Balance sheet for sumi industries

Reference no: EM13256514

Following is the 2006 balance sheet for Sumi Industries. Complete the balance sheet by using the information that follows it.

Sumi Industries

Balance Sheet

As on December 31, 2006

Cash Rs. 30,000 Accounts payable Rs. 120,000

Marketable securities 25,000 Notes payable ???

Accounts receivable ??? Accruals 20,000

Inventory ??? Total current liabilities ???

Total current assets ??? Long-term debt ???

Net fixed assets ??? Stockholder's equity 720,000

Total Assets ??? Total liabilities &

Stockholder's Equity ???

The following financial data for 2006 are also available:

(1) Sales totaled Rs. 2,700,000.

(2)The gross profit margin was 25 percent.

(3) Inventory turnover was 6.0

(4)There are 360 days in the year.

(5)The average collection period was 50 days.

(6) The current ratio was 1.0

(7)The total asset turnover ratio was 1.50

(8)The debt ratio was 60 percent

Reference no: EM13256514

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