Use the following industry- average ratios to construct a pro forma balance sheet for Phoebe€™s Cat Foods Inc.

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Total asset turnover 1.5 times Average collection periocd (assume 365-day year) Fixed asset turnover Inventory turnover (based 15 days 5 times on cost of goods sold) Current ratio Sales (all on credit) Cost of goods sold Debt ratio 3 times 2 times $3.0 mllon 75% of sales 5096 Current labllities Long-term debt Common stock plus Retained earnings Cash Accounts recelvable Net fixed assets