(Pro forma balance sheet construction) Use the following industry average ratios to construct a pro forma balance sheet for Carlos Menza, Inc.
Total Asset turnover 2.5 times
Average collection period (assume a 365-day year) 8.7
Fixed asset turnover 5.2 times
Inventory turnover (based on cost of goods sold) 2.7 times
Current ratio 1.6 times
Sales (all on credit) $3.65 million
Cost of goods sold 71% of sales
Debt ratio 54%
Balance Sheet Accounts
Cash ______ Current liabilities _____
Inventory ______ Long-term debt _____
Accounts receivable ______ Total Liabilities__________
Common equity _____
Net Fixed assets _____
Total $______ Total $___