Question: Use the following industry-average ratios to construct a pro forma balance sheet for Phoebe's Cat Foods Inc: Total asset turnover 1.6 times Average collection period

Use the following industry-average ratios to construct a pro forma balance sheet for Phoebe's Cat Foods Inc:

Total asset turnover 1.6 times

Average collection period (assume 365-day year) 16 days

Fixed asset turnover 5 times

Inventory turnover (based on cost of goods sold) 4 times

Current ratio 1.8 times Sales (all on credit) $3,000,000

Cost of goods sold 70% of sales

Debt ratio 40%

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