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Construct the balance sheet of pau company as of december

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Reference no: EM132539505

The condensed statement of financial position as of December 31, 2019 of Pau Company is given below:

Assets                                                     Liabilities & Stockholder's Equity

Cash 60,000                                                  Accounts payable ?

Trade receivable-net ?                              Current notes payable 40,000

Inventory ?                                            Long-term payable ?

Fixed assets 252,000                               Common stock 140,000

                                                               Retained earnings ?

480,000                                                           480,000

Additional information:

Current ratio                                                                                1.9 to 1

Ratio of total liabilities to total stockholder's equity                                 1.4

Inventory turnover based on sales and ending inventory                       15 times

Inventory turnover based on cost of sales and ending inventory             10 times

Gross margin for 2019                                                                      500,000

Question 1: Construct the balance sheet of Pau Company as of December 31, 2019.

Reference no: EM132539505

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