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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: 50%
Quick ratio: 0.80X
Total assets turnover: 1.5X
Days sales outstanding: 36.5 daysa
Gross profit margin on sales: (Sales _ Cost of goods sold)/Sales =25%
Inventory turnover ratio: 5X
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
Cost of goods sold
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