Tarheel Furniture Company is planning to establish a wholly owned subsidiary to manufacture upholstery fabrics. Tarheel expects to earn $1.1 millions after taxes on the venture during the first year. The president of Tarheel wants to know what the subsidiary's balance sheet would look like. The president believes that it would be advisable to begin the new venture with ratios that are similar to the industry average. Tarheel plans to make all sales on credit. All calculations assume a 365-day year. Industry Averages Current ratio 2.5:1 Quick ratio 1:1 Net profit margin ratio Average collection period 20 days Debt ratio 44% Total asset turnover ratio Current liabilities/stockholders' equity 5% 2 times 20% Based upon the industry average financial ratios presented above, complete the projected balance sheet for Tarheel's upholstery subsidiary. In your computations, you should round all numbers to the nearest $1,000. Cash $ Accounts receivable $ Inventory Total current assets Forecasted Upholstery Subsidiary Balance Sheet $ Total current liabilities Long-term debt Total debt Stockholders' equity Total liabilities and stockholders' equity $ $ Net fixed assets $ Total assets