(Answered) Complete the balance sheet and sales information in the

Finance

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

using the following financial data:

Debt ratio: 50%

Quick ratio: 0.80X

Total assets turnover: 1.5X

Days sales outstanding: 36.5 days^a

Gross profit margin on sales: (Sales _ Cost of goods sold)/Sales =25%

Inventory turnover ratio: 5X

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

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