Balance sheet completion using ratios Complete the 2015 balance sheet for O’Keefe Industries using the information that follows it.

The following financial data for 2015 are also available:
1. Sales totaled $1,800,000.
2. The gross profit margin was 25%.
3. Inventory turnover was 6.0.
4. There are 365 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 was 1.20.
8. The debt ratio was 60%.

Assets Cash O'Keefe Industries Balance Sheet December 31, 2015 Liabilities and Stockholders' Equity Accounts payable Notes payable Accruals Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets $32,720 25,000 Total current liabilities Long-term debt $120,000 20,000 $600,000 Stockholders' equity Total liabilities and stockholders' equity $