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Complete the balance sheet and sales information in the table that follows for Hoffmeister Industries using the following financial data:
Debt ratio: 40%Quick ratio: 0.85Total assets turnover: 1.2Days sales outstanding: 34 days*Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30%Inventory turnover ratio: 5.0
* Calculation is based on a 365-day year.
Round your answers to the nearest whole dollar.
Balance Sheet
Cash $ Accounts payable $Accounts receivable $ Long-term debt $ 60,000Inventories $ Common stock $Fixed assets $ Retained earnings $ 97,500Total assets $ 300,000 Total liabilities and equity $Sales $ C ost of goods sold $
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