Question: Using the following information, complete this balance sheet: Long-term debt to net worth Total asset turnover Average collection period* Inventory turnover Gross profit margin Acid-test

Using the following information, complete this balance sheet: Long-term debt to

Using the following information, complete this balance sheet: Long-term debt to net worth Total asset turnover Average collection period* Inventory turnover Gross profit margin Acid-test ratio 0.5 to 1 2.5 x 18 days 9x 10% 1 to 1 *Assume a 360-day year and all sales on credit. 1,00,000 Cash Accounts receivable Inventory Plant and equipment Total assets Notes and payables Long-term debt Common stock Retained earnings Total liabilities and equity 1,00,000 1,00,000

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