In the table that follows, complete the balance sheet and sales information 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 ×
aCalculation is based on a 365-day yea
Balance sheet

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