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Q. No. 2 Q2 a) Complete the balance sheet and sales information using the following financial data (3 Marks) Total assets turnover: 1.5 X 3 Days sales outstanding: 36.5 days (Calculation is based on a 365-day year) Inventory turnover ratio: 5 X Fixed assets turnover: 3.0 X Current ratio: 2.0 X Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25% 60000 Cash Accounts Receivables Inventories Fixed Assets Total Assets Sales Current Liabilities Long Term Liabilities Common Stock Retained Earnings Total Liabilities and Equity Cost of goods sold 97500 300000 b) Interpret the current ratio, total assets turnover ratio, inventory turnover ratio and profit margin on sales. (2 Marks)