Given the financial data and ratios listed below for the Atlanta Company, determine what Atlanta Company recorded as Notes payable on its 2005 balance sheet.

Sales $10,000

Gross profit margin 40%

Inventory turnover ratio 4 times

Net profit margin 8%

Average collection period 45 days

Return on equity 50%

Return on assets 20%

Cash $250 Current ratio 2.5

Accounts payable days 30 days

Note: Of total sales, 80 percent are on credit and the remainder are cash sales.

Assume a 360-day year. Use COGS for Inventory turnover ratio.

Atlanta Company Balance Sheet for Year Ending December 31, 2005

Cash _________ Accounts receivable _________ Inventory _________ net fixed assets ________ Total assets _________ Notes payable_________ Accounts payable_________ Long-term debt_________ Equity_________ Total claims _________