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We are given the following information for the Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,880,000 188,000 890,000 811,000 a. Accounts receivable b. Marketable securities c. Fixed assets 1.35 times 2.30 times 40 % 5 times Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)

Intermediate Accounting: Reporting And Analysis

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

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We are given the following information for the Pettit Corporation.
Sales (credit)
Cash
Inventory
Current liabilities
Asset turnover
Current ratio
Debt-to-assets ratio
Receivables turnover
$ 2,880,000
188,000
890,000
811,000
1.35 times
2.30 times
a. Accounts receivable
b. Marketable securities
c. Fixed assets
d. Long-term debt
40 %
5 times
Current assets are composed of cash, marketable securities, accounts receivable, and inventory.
Lienser
Fraktala
TAMARA TANT
RISHI TRITATE
FAST JET
PARETSTRANS
I nemal osted or
annemangen
MANENBER
HAGPAINT
MANSION
LARPURCO
Calculate the following balance sheet items. (Do not round intermediate calculations. Round your final answers to the nearest
whole number.)

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