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Table 2.1 Balance Sheet Cole Eagan Enterprises December 31, 2005 $4,500 Accounts Payable $10,000 Cash Accounts Receivable Inventory Total Current Assets Net Fixed Assets Total Assets Notes Payable Accruals 1,000 Total Current Liabilities Long-Term Debt Stockholders' Equity Total Liabilities & S.E Information (2005 values) 1. Sales totaled $110,000 2. The gross profit margin was 25 percent. 3. Inventory turnover was 3.0. 4. There are 360 days in the year 5. The average collection period was 65 days. 6. The current ratio was 2.40 7. The total asset turnover was 1.13 8. The debt ratio was 53.8 percent. 14. Inventory for CEE in 2005 was.( A) $36,667 B) $32,448 C) $27,500 D) $ 9,167 Answer: C Topic: Balance Sheet and Activity Analysis