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Construct the december balance sheet

    Assignment Instructions

    Assignment ID: FG133136246

    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.

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