Complete the balance sheet and sales information in the table that follows for Hoffmeister Industries
using the following financial data:
Debt ratio: 50%
Quick ratio: 0.80X
Total assets turnover: 1.5X
Days sales outstanding: 36.5 daysa
Gross profit margin on sales: (Sales _ Cost of goods sold)/Sales =25%
Inventory turnover ratio: 5X
BALANCE SHEET
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Cash
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Accounts payable
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|
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Accounts receivable
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Long-term debt
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60,000
|
|
Inventories
|
|
Common stock
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|
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Fixed assets
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Retained earnings
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97,500
|
|
Total assets
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$300,000
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Total liabilities and equity
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|
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Sales
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|
Cost of goods sold
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|