Compose and complete the following balance sheet and income statement for this start-up firm, given the following:
Debt Ratio = 95%
Quick Ratio = .9
Asset Utilization = 1.9
AR Days = 40
Gross Profit Margin = 420
Inventory Turnover = 8
AP Days = 25
Fill in the following:
Cash
Accounts Receivable
Inventory
Fixed Assets
Total Assets = 750,000 (known)
Accounts Payable
Long-term Debt = 10,000 (known)
Common Stock
Sales
Cost of Goods Sold