Complete the balance sheet and sales information below for Iceberg Industries using the following financial data:
Debt ratio: 50% Quick Ratio: .80x Total Assets Turnover: 1.5x Days Sales Outstanding: 36.0 days Gross Profit Margin on Sales (Sales - Cost of Goods Sold)/Sales = 25% Inventory Turnover Ratio: 5.0x
Balance Sheet:
Cash:
Accounts Receivable:
Inventories:
Fixed Assets:
Total Assets $300,000
Accounts Payable:
Long Term Debt $60,000
Common Stock:
Retained Earnings $97,500
Total Liabilities and Equity:
Sales :
Cost of Goods Sold: