Complete the balance sheet and sales information in the table that ...

Complete the balance sheet and sales information in the table that follows for Isberg Industries

using the following financial data:



Total Debt Ratio: 50%

Quick Ratio: 0.80

Total Asset Turnover: 1.5

Days Sales in Inventory: 36 Days

Cash Ratio: .25

Cost of Goods Sold 75% of Sales



Balance Sheet



Cash Accounts Payable

Accounts Receivable Long-term Debt 60,000

Inventories Common Stock

Net Fixed Assets Retained Earnings 97,500

Total Assets 300,000 Total Liabilities & Equity





Sales Cost of Goods Sold



1) TA = 300,000 = TL&Eq

 TD  0.50300,000  150,000

TD

2) DR  0.50 

300,000

3) TD  A / P  LTD  A / P  60,000  150,000  A / P  90,000

A / P  LTD  CS  R / E  TL & Eq

4) 90,000  60,000  CS  97,500  300,000

CS  52,500



 Sales  1.5300,000  450,000

Sales

5) TAT  1.5 

300,000

6) COGS  0.75450,000  337,500

365  337,500 

7) DSI  36  337,500  Inv  36   33,288

Inv  365 

CA  33,288

8) QR  0.80   CA  0.8090,000  33,288  105,288

90,000

9) TA  300,000  105,288  NFA  NFA  194,712

Cash

10) Cash Ratio  0.25   Cash  22,500

90,000

11) CA  105,288  22,500  A / R  33,288  A / R  49,500





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