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:  0.90
Total assets turnover:  1.6
Days sales outstanding: 35 days*
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 29%
Inventory turnover ratio: 6.0

* 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 $ 61,973 Accounts payable $ 60,000 Accounts receivable $ 46027 Long-term debt $ 60,000 Inventories $ 56,800 Common stock $ 82,500 Fixed assets $ 135,200 Retained earnings $ 97,500 Total assets $ 300,000 Total liabilities and equity $ 300,000 Sales $ 480,000 Cost of goods sold $ 340,800

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