Problem 3 35 Using ratios to construct financial statements LO3 2 The following information is from Harrelson Inc 's, financial statements Sales (all credit) were $25 20 million for last year Sales to total assets 1 40 times Total debt to total assets 35 Current ratio 2 80 times Inventory turnover 6 times Average collection period 20 days Fixed asset turnover 5 times Complete the balance sheet (Use a 360 day year Do not round intermediate calculations Input your answers in millions rounded to 2 decimal places ) $ in millions $ in millions Cash Current Debt accounts receivable Long term debt Inventory Total Debt Total Current Assets Fixed assets Equity Total Assets Total Debt and stockholder's equity

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Question: Problem 3-35 Using ratios to construct financial statements [LO3-2] The following information is from Harrelson Inc.'s, financial statements. Sales (all credit) were $25.20 million for

Problem 3-35 Using ratios to construct financial statements [LO3-2]

The following information is from Harrelson Inc.'s, financial statements. Sales (all credit) were $25.20 million for last year.


Sales to total assets	1.40	times
Total debt to total assets	35	%
Current ratio	2.80	times
Inventory turnover	6	times
Average collection period	20	days
Fixed asset turnover	5	times

Complete the balance sheet: (Use a 360-day year. Do not round intermediate calculations. Input your answers in millions rounded to 2 decimal places.)

$ in millions $ in millions

Cash _________________ Current Debt _____________

accounts receivable_________ Long-term debt__________

Inventory______________ Total Debt _________

Total Current Assets ___________

Fixed assets______________ Equity _______________

Total Assets ________________ Total Debt and stockholder's equity___________

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