Belafonte Corporation’s books were destroyed in a fire on April 20, 2016. The comptroller of the corporation can only remember a few odd pieces of information:
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a. |
The current ratio was 3.75 to 1. |
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b. |
Sales for the year were $73,000. |
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c. |
Inventories were $20,000 and were equal to property, plant and equipment at carrying amount, and also equal to bonds payable. |
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d. |
The accounts receivable collection period was 40 days. |
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e. |
The bonds payable amount was 10 times cash. |
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f. |
Total current assets were twice as much as common shares. |
Required: Using this information, prepare Belafonte Corporation’s balance sheet at April 30, 2016. Assume balances at April 30, 2016 are the same as average balances for the year then ended, and besides retained earnings, there are no additional accounts.
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