Question: Using ratios to construct financial statements . The Griggs Corporation has credit sales of $1,200,000. Given the following ratios, fill in the following balance sheet.

Using ratios to construct financial statements . The Griggs Corporation has credit sales of $1,200,000. Given the following ratios, fill in the following balance sheet.

Total assets turnover................................... 2.4 times

Cash to total assets...................................... 2.0%

Accounts receivable turnover..................... 8.0 times

Inventory turnover...................................... 10.0 times

Current ratio................................................ 2.0 times

Debt to total assets...................................... 61.0%

GRIGGS CORPORATION

Balance Sheet 2011

AssetsLiabilities and Stockholders' Equity

Cash ............................. _____Current debt............................................. _____

Accounts receivable...... _____Long-term debt........................................ _____

Inventory...................... _____Total debt.......................................... _____

Total current assets _____Equity...................................................... _____

Fixed assets .................. _____Total debt and stockholders' equity_____

Total assets ............ _____

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