PLEASE SHOW FORMULAS USED AND CALCULATIONS

Question 2 Samo Complete the following balance sheet based on the information provided below: ASSETS LIABILITIES & SHAREHOLDERS' EQUITY $ Cash Accounts payable $ Accounts receivable $ Common stock $63,000 Inventory $ Retained earnings $ Plant and equipment, net $56,000 Total liabilities and Total assets $ 135,000 shareholders' equity $135.000 The values of selected ratios are as follows: Quick ratio 1.40 Average collection period 38 days Debt ratio 0.38 (Asset) Turnover ratio 2.45 [Answer: Cash = 37,386, AR = 34,434, Inventory = 7,180, AP = 51,300, RE = 20,700)