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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.
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