$14-5.($Pro forma balance sheet construction$)$ Use the following industry$-$average ratios to construct a pro forma balance sheet for Karen$$s Beauty Products, Inc.

Total asset turnover $2\mathrm{.}0$ times

Average collection period $($assume $365-$day year$)30$ days

Fixed asset turnover $5$ times

Inventory turnover $($based on cost of goods sold$)4$ times

Current ratio $2\mathrm{.}5$ times

Sales $($all on credit$)$ $$12$ million

Cost of goods sold $80\%$ of sales

Debt ratio $40\%$

Current liabilities

Cash Long$-$term debt

Accounts receivable Common stock plus

$$Net fixed assets $$$ Retained earnings $