Complete the balance sheet and sales information in the table that follows for H

Question

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: 1.20
Total assets turnover: 2.1
Days sales outstanding: 36.5 days*
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 22%
Inventory turnover ratio: 4.0

* 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 $   Cost of goods sold $  

Explanation / Answer

Balance Sheet Cash $            9,000 Accounts payable $          60,000 Accounts receivable $          63,000 Long-term debt $          60,000 Inventories $        157,500 Common stock $          82,500 Fixed assets $          70,500 Retained earnings $          97,500 Total assets $        300,000 Total liabilities and equity $        300,000 Sales $        630,000 Cost of goods sold $        491,400

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