Posted: August 28th, 2016
The partially completed 2012 balance sheet and income statement for Challenge Industries are given below. Also provided are selected ratio values for the firm based on its completed 2012 Financial statements. Use the ratios along with the partially completed statements to create completed financial statements for the organization. Hint: Use the ratios in the order listed to calculate the missing statement values that need to be installed in the partial statements.
Challenge Industries Inc, Balance Sheet
At December 31, 2012 (in $thousands)
Marketable Securities $60,000
Accounts Receivable $200,000
Total Current Assets_____?
Fixed Assets (gross) ?
Net Fixed assets _____?
Liabilities and Equity
Accounts Payable $150,000
Total Current Liabilities______?
Long-term debt $425,000
Total Liabilities _____?
Preferred Stock ?
Common Stock (at par) $150,000
Paid -in capital in excess of par ?
Retained earnings $390,000
Total Stockholders equity _____?
Total liabilities and stockholders equity_____?
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