Complete the Balance Sheet ofNE Aviation Inc. based on the following data:

Key Financial Data (2019)

1. Sales totaled $720,000.

2. The gross profit margin was 38.7 percent.

3. Inventory turned 6 times (i.e inventory turnover is 6).

4. There are 360 days in a year.

5. The average collection period was 31 days.

6. The current ratio was 2.35.

7. The total asset turnover was 2.81.

8. The debt ratio was 49.4 percent.

9. Total current assets equal $159,565.

Provide step by step on how answers were achieved.

Balance Sheet for NE Aviation as of December 2019AssetsCash$8,005

Marketable securities

Accounts receivable

Inventories

Total current assets

Gross fixed assets

Less: Accumulated depreciation $50,000

Net fixed assets

Total assets

Liabilities & Shareholders' Equity

Accounts payable $28,800

Notes payable

Accruals $18,800

Total current liabilities

Long-term debts

Total liabilities

Stockholders' equity

Preferred stock 2,451

Common stock at par 30,000

Paid-in capital in excess of par 6,400

Retained earnings 90,800

Total stockholders' equity

Total liabilities and stockholders' equity