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B. Use the following Industry average ratios to construct a proforma balance sheet for Roberts...

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Accounting

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B. Use the following Industry average ratios to construct a proforma balance sheet for Roberts inc. [16.5 marks] Debt ratio: 60% Current ratio: 2.2x Total asset turnover: 1.8 Average collection Period (days sales outstanding): 35 days Cost of goods sold: 75% of sales Inventory turnover ratio: 6x - Calculation based on 365- day year. Balance sheet \begin{tabular}{lccc} \multicolumn{1}{l}{ Cash } & $16,959 & Accounts Payable & \\ \cline { 4 - 5 } Accounts Receivable & & Long-term debt & $160,000 \\ Inventories & $90,000 & Common stock & $90,000 \\ Fixed Assets & $400,000 & Retained earnings \\ Total assets & & Total liabilities and Equity \\ Sales & & Cost of goods sold \end{tabular}

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