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USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 14 THROUGH 16 A partially completed balance sheet and selected financial ratios for firm ABC are shown below

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USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 14 THROUGH 16 A partially completed balance sheet and selected financial ratios for firm ABC are shown below $200,000 Cash Account Receivables Inventory $100,000 Account Payables Long-term Debt $300,000 Common Stock Equity Fixed Assets Total Assets $2,000,000 Total Liabilities $2,000,000 and Equity SELECTED FINANCIAL RATIOS Debt Ratio equals 40 percent Current Ratio equals 2.5 Total Asset Turnover equals 3.5 14. What is firm ABC's long-term debt? (Circle your answer, 2.5 points) a. $200,000 b. $400,000 c. $600,000 d. $800,000 15. What is firm ABC's sales? (Circle your answer, 2.5 points) a. $8,000,000 b. $7,000,000 C. $6,000,000 d. $5,000,000 16. What is firm ABC's accounts receivables? (Circle your answer, 2.5 points) a. $200,000 b. $500,000 c. $400,000 d. $100,000

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