Complete the balance sheet and sales information

Reference no: EM13294117

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: 0.85
Total assets turnover: 1.2
Days 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 $ 60,000
Inventories $ Common stock $
Fixed assets $ Retained earnings $ 97,500
Total assets $ 300,000 Total liabilities and equity $
Sales $ C ost of goods sold $

Reference no: EM13294117

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