(Constructing a pro forma balance sheet) Use the following industry average ratios to construct a pro forma balance sheet for Mendoza Distributors, Inc.

Total asset turnover 2 times Average collection period (assume a 365-day year) 9 days Fixed asset turnover 5 times Inventory turnover (based on cost of goods sold) 3 times Current ratio 2 times Sales (all on credit) $4.0 million Cost of goods sold 75% of sales Debt ratio 50%

Cash _____ Current liabilities _____ Inventory _____ Long-term debt _____ Accounts receivable _____ Common stock _____ Net fixed assets _____ Retained earnings _____ Total $ _____ Total $ _____