Solution-Compute asset turnover - format of foreign balance

Compute asset turnover - format of foreign balance sheet

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Reference no: EM13546129

Sales for the year totaled $50,000. Compute asset turnover.

Format of Foreign Balance Sheet

Following is a balance sheet presented in standard U.S. format. Rearrange this balance sheet to be in standard British format. Don't worry about differences in terminology; use the U.S. labels, but present the information in the British format.

Current Assets:
Cash	$ 500
Inventory	2,000
Total current assets	$ 2,500
Noncurrent Assets:
Property, plant, and equipment	$ 8,000
Long-term investments	1,700
Total noncurrent assets	$ 9,700
Total assets	$12,200
Current Liabilities:
Accounts payable	$ 300
Short-term loans payable	1,100
Total current liabilities	$ 1,400
Noncurrent Liabilities:
Long-term debt	$ 3,000
Stockholders' Equity:
Common stock, at par	$ 50
Additional paid-in capital	2,000
Retained earnings	5,750
Total stockholders' equity	$ 7,800
Total liabilities and stockholders' equity	$12,200

Reference no: EM13546129

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Compute asset turnover - format of foreign balance sheet

Reference no: EM13546129

Reference no: EM13546129

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