Balance Sheet General Aviation, Inc. December 31, 2019 Cash $7.000 Marketable securities $ 16,000 Account Receivables Inventories Total current assets Gross fixed assets $30,000 Less: Accumulated Depreciation Net Fixed Assets Total Assets $30,000 Accounts payable Notes payable Accruals $18,800 Total current liabilities Total current assets Gross fixed assets $30,000 Less: Accumulated Depreciation Net Fixed Assets Total Assets Accounts payable $30,000 Notes payable Accruals $18,800 Total current liabilities Long-term debts Total liabilities Preferred stock Common stock @ par $2,000 Paid-in capital in excess $20,000 of par Retained earnings $90,000 Total stockholders' equity Total liabilities and equity Key Financial Data (2019) 1. Sales totaled $720,000. 2. The gross profit margin was 35 percent. 3. Inventory turned 5 times. 4. There are 360 days in a year. 5. The average collection period was 20 days. 6. The current ratio was 2. 7. The total asset turnover was 3. 8. The debt ratio was 45 percent