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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%.
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