ST3–2 Balance sheet completion using ratios Complete the 2015 balance sheet for O’Keefe Industries using the information that follows it.

The following financial data for 2015 are also available:
1. Sales totaled $1,800,000.
2. The gross profit margin was 25%.
3. Inventory turnover was 6.0.
4. There are 365 days in the year.
5. The average collection period was 40 days.

6. The current ratio was 1.60.
7. The total asset turnover ratio was 1.20.
8. The debt ratio was 60%.

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$120,000 Assets O'Keefe Industries Balance Sheet December 31, 2015 Liabilities and Stockholders' Equity Cash $32,720 Accounts payable Marketable securities 25,000 Notes payable Accounts receivable Accruals Inventories Total current assets Net fixed assets Total assets Total current liabilities Long-term debt Stockholders' equity Total liabilities and stockholders' equity S 20,000 $600,000