Problem: It is as follows: Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.)
Yearly sales (credit................$720,000
Inventory turnover..................6 times
Current liabilities....................$105,000
Current ratio.............................2
Average collection period.........35 days
Current assets:
Cash...........................................$
Accounts receivable....................
Inventory......................................
Total current assets....................