Problem 3.1 Given the following ratios, complete the balance sheet below. Assume 360 days in a year. Current ratio = 4.0 Quick Ratio = 3.0 Current liabilities = $100,000 Debt ratio = 40% Total Asset Turnover = 2 Average collection period = 36 days Total Sales = $3,000,000 Credit sales = 60% of total sales Balance Sheet Accounts Payable Long-term debt Total Liabilities Cash Accounts Receivable Inventory Current Assets Net Fixed Assets Total Assets Common Equity Total L & E