1 Complete the balance sheet and sales information in the table that follows for Hoffmeister

Industries using the following financial data:

Debt ratio: 50%
Quick ratio: 0.80x
Total assets turnover: 1.5x
Days sales outstanding: 36.5 days a
Gross profit margin on sales: (Sales _ Cost of goods sold)/Sales = 25%
Inventory turnover ratio: 5x
a Calculation is based on a 365-day year.

2 Using the following information, complete the balance sheet found on the next page:
Long-term debt to equity 0.5 to 1
Total asset turnover 2.5 times
Average collection period* 18 days
Inventory turnover 9 times
Gross profit margin 10%
Acid-test ratio 1 to 1
*Assume a 360-day year and all sales on credit.

3 Consider the following data

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