Complete the balance sheet by using financial data

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Reference no: EM13256720

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: EM13256720

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