Using ratios to construct financial statements. Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.)

Yearly sales (credit)..................................................................... $420,000

Inventory turnover....................................................................... 7 times

Current liabilities.......................................................................... $80,000

Current ratio................................................................................. 2

Average collection period............................................................ 36 days

Current assets: $

Cash........................................................................ ______

Accounts receivable................................................ ______

Inventory................................................................ ______

Total current assets............................................. ______