Reference no: EM133184641

Question - Big Dog Aviation is talking with Sweet Water Seaplane to merge companies, but their books were destroyed in a fire on April 20, 2011. The comptroller of the Sweet Water Seaplane can only remember a few odd pieces of information:

1. The current ratio was 3.75 to 1.

2. Sales for the year were $73,000.

3. Inventories were $20,000 and were equal to property, plant, and equipment at carrying amount, and also equal to bonds payable.

4. The accounts receivable collection period was 40 days.

5. The bonds payable amount was 10 times cash.

6. Total current assets were twice as much as common shares.

Required - Using this information, prepare Sweet Water Seaplane's balance sheet for April 30, 2021. Assume balances at April 30, 2021 are the same as average balances for the year then ended, and besides retained earnings, there are no accounts other than those mentioned above.