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Builtrite Bakery is a new firm specializing in all natural ingredient pastry products. In attempting to determine what the financial position of the firm should

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Builtrite Bakery is a new firm specializing in all natural ingredient pastry products. In attempting to determine what the financial position of the firm should be the financial manager obtained the following average ratios for the baking industry for 2019: Common equity / total assets 60% Total assets turnover 3 times 20% 1.2 Long-term debt / total assets Current ratio Quick ratio Average collection period (360-day year) .75 6 days Complete the accompanying projected balance sheet for Builtrite Bakery assuming 2020 sales (all credit) are $9,000,000. Builtrite Bakery projected Balance Sheet ending December 31, 2020 Cash Current Liabilities Accts. Receivable Long Term Debt Total Debt Common Equity Inventory Tot. Current assets Fixed assets Tot. Liabilities & equity Total Assets Based upon the above information, the level of accounts receivable equals: $150,000 $120,000 $110,000 $100,000

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