Complete the 2003 balance sheet for o keefe industries

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Reference no: EM131198663

Balance sheet completion using ratios

Complete the 2003 balance sheet for O'Keefe Industries using the information that follows it.

O'Keefe Industries Balance Sheet December 31, 2003
Assets		Liabilities and Stockholders' Equity
Cash	$30,000	Accounts payable	$120,000
Marketable securities	25,000	Notes payable	-
Accounts receivable	-	Accruals	20,000
Inventories	-	Total current liabilities	-
Total current assets	-	Long-term debt	-
Net fixed assets	-	Stockholders' equity	$60,000
Total assets	$	Total liabilities and	-
		stockholders' equity	$

The following financial data for 2003 are also available:
(1) Sales totaled $1,800,000.

(2) The gross profit margin was 25%.

(3) Inventory turnover was 6.0. was 1.20.

(4) There are 360 days in the year.

(5) The average collection period was 40 days.

(6) The current ratio was 1.60.

(7) The total asset turnover ratio

(8) The debt ratio was 60%.

Reference no: EM131198663

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