Questions 29 & 30 of the attached document.

Questions 29 & 30 of the attached document.

USE THE FOLLOWING INFORMATION TO CONSTRUCT A BALANCE SHEET TO ANSWER QUESTIONS 28 through 30 Sales Gross profit margin Inventory turnover ratio (Cost of goods sold/Inventory) Net profit margin Average collection period Return on equity Accumulated depreciation Return on assets Accounts payable days Notes payable Gross fixed assets Percent of sales on credit (remainder are cash sales) $ $ $ $ 240,000 25% 20 4% 45 20% 15,000 12.5% 18 1,800 48,000 75% NOTE: Assume a 360 day year for all ratios, etc. Assume that the only accounts on the balance sheet are those listed below. Fill in this chart with the data provided and then answer questions 28, 29 and 30. Cash ____________ Notes payable ____________ Accounts receivable ____________ Accounts payable ____________ Inventory ____________ Long-term debt ____________ Gross fixed assets ____________ Equity ____________ (Accumulated depreciation) ____________ Net fixed assets ____________ Total assets 28. Cash = ____________. 29. Long-term debt = ____________. 30. Total assets =____________. ____________ Total liab & equity ____________