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Complete the balance sheet and sales information in the

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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 daysa

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

Reference no: EM13572797

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