Given the following information, complete the balance sheet shown below. Collection period Days sales in cash Current ratio Inventory turnover Liabilities to assets Payables period 71 days 34 days 2.6 5 times 75% 36 days (All sales are on credit. All calculations assume a 365-day year. Payables period is based on cost of goods sold.) Assets Current: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable Short-term debt Total current liabilities Long-term debt Shareholders' equity Total liabilities and equity $1,100,000 1,900,000 8,000,000.

AppendixLO1