Complete the Balance Sheet appearing below using the ratios provided:

Sales = $ 600,000 Fixed Asset Turnover = 2.5

Average Collection period = 33 days Total Asset Turnover = 1.6

• Inventory Turnover Ratio = 10 Debt to Total Assets Ratio = 40%

LTD to STD = 2-to-1

ASSETS LIABILITIES

• Cash $ _________ Accounts Payable $ 36,000

A/C Recv. _________ Short Term Debt _________

Inventory _________ Long Term Debt _________

Fixed Assets _________ Common Stock $ 116,000

Retained Earnings _________

TOTAL ASSETS $__________ TOTAL LIABIL. $_________

Please provide all the work for the solutions!