1)Show how to solved it on excel what function is used.

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1 PROBLEM 14-5 2 PRO FORMA BALANCE SHEET CONSTRUCTION 4 Use the following industry average ratios to constructapro forma balance sheet for Phoebe's Cat Foods Inc 6 DATA 7 Total asse turmover 8Average collection period(assurme 365-day year) 9Fixed assets turmover 10 Inventory turnover (based on cost of goods sold) 11 Current ratio 12 Sales (all on credit) 13 Cost of goods sold 14 Debt ratio 15 16 SOLUTION 17 Cash 5 times 15.0 days 5.0 times 3.0 times 2.0 time:s $3,000,000 of sales 75% 50 18 Accounts receivable 19 Inventories 20 Net fixed assets 21 Total assets 24 Longterm debt 25 Total liabilities 26 Common equity 27Total liabilities and common equity