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: 0.80

Total assets turnover: 1.5

Days sales outstanding: 36.5 daysa

Gross profit margin on sales: (Sales ? Cost of goods sold)/Sales = 25%

Inventory turnover ratio: 5.0

^aCalculation is based on a 365-day year.

Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold Cash Accounts receivable 60,000 Inventories Fixed assets Total assets Sales 97,500 $300,000