Question
Complete the balance sheet and sales information in the table that follows for hoffmeister industries using the following financial data Debt Ratio : 50 %
Complete the balance sheet and sales information in the table that follows for hoffmeister industries using the following financial data
Debt Ratio : 50 % Quick Ratio : 0.80 Total Asset Turnover = 1.5 Days sales outstanding : 36.5 Days Gross Profit margin sales (Sales - Cost of Good Sold)/Sales = 25% Inventory turnover ratio : 5.0 Calculation is based on a 365 day year
Balance Sheet
| Cash | ??? | Account Payable | ??? |
| Account Receivable | ??? | Long Term Debt | $60,000 |
| Inventories | ??? | Common Stock | ??? |
| Fixed Asset | ??? | Retained Earning | $97,500 |
| Total Asset | $300,000 | Total Liabilities and equity | ??? |
| Sales | ??? | Cost Of Good Sold | ??? |
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Auditing For Managers The Ultimate Risk Management Tool
Authors: K. H. Spencer Pickett, Jennifer M. Pickett
1st Edition
0470090987, 978-0470090985
