Solve this Balance sheet completion using ratios Complete the 2015 balance Industries with steps.

Question 1: O'Keefe Industries Balance Sheet December 31, 2015 Assets Liabilities and Stockholders' Equity Cash $32,720 Accounts payable $120,000 Marketable securities 25,000 Notes payable Accounts receivable Accruals 20,000 Inventories Total current liabilities Total current assets Long-term debt Net fixed assets Stockholders' equity $600,000 Total assets $ Total liabilities and stockholders' equity S The following financial data for 2015 are also available: 1. Sales totaled $1,800,000. 2. The gross profit margin was 25%. 3. Inventory turnover was 6.0. 4. There are 365 days in the year. 5. The average collection period was 40 days. 6. The current ratio was 1.60. 7. The total asset turnover ratio was 1.20. 8. The debt ratio was 60%