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Balance sheet for sumi industries

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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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