Question: Problem 2- We are given the following information for the Pettit Corporation Sales (credit) $3,549,000 Cash $179,000 Inventory $911,000 Current liabilities $788,000 Asset turnover 1.40

Problem 2- We are given the following information for the Pettit

Problem 2- We are given the following information for the Pettit Corporation Sales (credit) $3,549,000 Cash $179,000 Inventory $911,000 Current liabilities $788,000 Asset turnover 1.40 times Current ratio 2.95 times Debt-to-assets ratio 40% Receivable turnover 7 times Current assets are composed of cash, marketable securities, account receivable and inventory. Calculate the following balance sheet items a. Accounts receivable b. Marketable securities c. Fixed assets d. Long-term debt

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