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2. (Pro forma balance sheet construction) Use the following industry average ratios to construct a...

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2. (Pro forma balance sheet construction) Use the following industry average ratios to construct a pro forma balance sheet for Carlos Menza, Inc. Total asset turnover 2 times Average collection period (assume a 365-day year) 9 days Fixed asset turnover 5 times Inventory turnover (based on cost of goods sold) 3 times Current ratio times Sales (all on credit) $4.0 million Cost of goods sold 75% of sales Debt ratio 50% Cash Current liabilities N Inventory Long-term debt Common stock Accounts receivable plus Net fixed assets earnings Total $ Retained Total $ [ 10 x 0.75 = 7.5

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