Question: Complete the balance sheet and sales information in the table that follows for hoffmeister industries using the following financial data Debt Ratio : 50 %

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 Asset Turnover = 1.5 Days sales outstanding : 36.5 Days Gross Profit margin sales (Sales - Cost of Good Sold)/Sales = 25% Inventory turnover ratio : 5.0 Calculation is based on a 365 day year

Balance Sheet

Cash	???	Account Payable	???
Account Receivable	???	Long Term Debt	$60,000
Inventories	???	Common Stock	???
Fixed Asset	???	Retained Earning	$97,500
Total Asset	$300,000	Total Liabilities and equity	???
Sales	???	Cost Of Good Sold	???

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