ABC Industries Balance sheet ending December 31, 2016 Assets Cash 32,720 stockholder's Equity Marketable securities 25,000 Accounts Payable 120,000 Accounts receivable Accounts Payable Inventories Notes payable Total current assets ------ Accruals 20,000 Total current liabilities ------ Net fixed assets ------ Long-term debt Total assets ------ Stockholder's equity 600,000 Total liabilities and stockholder's equity ------ The following financial data for 2016 is also available;
- (a)Sales totalled $1,800,000.
- (b)The gross profit margin was 25%.
- (c)Inventory turnover was 6.0.
- (d)There are 365 days in the year.
- (e)The average collection period was 40 days.
- (f)The current ratio was 1.60.
- (g)The total asset turnover ratio was 1.20.
- (h)The debt ratio was 60%.