Complete the balance sheet and sales information in the table that follows for Hoffmeister Industries using the following financial data:
Debt ratio: 40%
Quick ratio: 0.85
Total assets turnover: 1.2
Days sales outstanding: 34 days*
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30%
Inventory turnover ratio: 5.0
* Calculation is based on a 365-day year.
Round your answers to the nearest whole dollar.
Balance Sheet
Cash $ Accounts payable $
Accounts receivable $ Long-term debt $ 60,000
Inventories $ Common stock $
Fixed assets $ Retained earnings $ 97,500
Total assets $ 300,000 Total liabilities and equity $
Sales $ C ost of goods sold $