5) Hi Sky Enterprises has total assets of $4 million, a debt ratio of 30%, and current liabilities of $500,000. What is Hi Sky's long term debt? A) S1.2 millB ) $700,000 C)$300,000 D) $2.6 mill 6) If Challenge Corporation has sales of $72 million per year (all credit) and an average collection period of 15 days, what is its average amount of accounts receivable (assume a 360-day year)? A) $300000B) $600000C$240000 D) $3.6 mil 7) If the inventory turnover ratio is 30, cost of goods sold $420,000 and B) $14,000C)$12.340 D) S6,000 sales $600,000, What's the current level of inventory? A) $20,000 8) Which of the following accounts belongs on the asset side of a balance sheet? B) accounts payable D) accruals C) Inventory transcribed image text