Use the following industry-average ratios to construct a pro forma balance sheet for Phoebe's Cat Foods Inc.:

Total asset turnover 1.5 times Average collection period (assume 365-day year) 15 days Fixed asset turnover 5 times Inventory turnover (based on cost of goods sold) 3 times Current ratio 2.0 times Sales (all on credit) $3,000,000 Cost of goods sold 75% of sales Debt ratio 50%

Fill in the assets section of the pro forma balance sheet.

Cash $ _ _ _ _

Accounts Receivable $ _ _ _ _

Inventories _ _ _ _

Net fixed assets _ _ _ _

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Total assets $ _ _ _ _

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Fill in the liabilities and common equity section of the pro forma balance sheet.

Current liabilities $ _ _ _ _

Long-term debt _ _ _ _

Total liability _ _ _ _

Common equity _ _ _ _

Total liabilities and common equity $ _ _ _ _