Reference no: EM133143105

Question - The following data are available in your financial analysis task;

Current ratio 2

A/R turnover ratio 16

A/R, Beginning $50,000

ROE (= NI/TE) 20%

Sales for the year (all on credit) $1,000,000

Days' sales in inventory 36 days

Gross profit on sales 50%

Expenses (excluding CGS) $450,000

TL/TE 1

Noncurrent assets $300,000

Required - Construct the December 31, Year 2 balance sheet for your analysis. All data are as of December 31, Year 2, unless otherwise indicated. That is, complete the balance sheet below. Assume 360 days in a year. Show your work.