Balance Sheet
Cole Eagan Enterprises
December 31, 2002

Multiple Choice

Balance Sheet
Cole Eagan Enterprises
December 31, 2002
$\begin{array}{llll}\text { Cash } & \$ 4,500 & \text { Accounts Payable } & \$ 10,000 \\\text { Accounts Receivable } && \text { Notes Payable } \\\text { Inventories } && \text { Accruals }&1,000 \\\text { Total Current Assets } && \text { Total Current Liab. } \\\text { Net Fixed Assets } && \text { Long-Term Debt } \\\text { Total Assets } && \text { Stockholders' Equity } \\&& \text { Total Liab. \& S.E. }\end{array}$

Information (2002 values)
1. Sales totaled $\$ 110,000$
2. The gross profit margin was 25 percent.
3. Inventory turnover was 3.0 .
4. There are 360 days in the year.
5. The average collection period was 65 days
6. The current ratio was 2.40 .
7. The total asset turnover was 1.13.
8. The debt ratio was 53.8 percent
-Inventories for CEE in 2002 were__________

A) $27,500
B) $36,667
C) $32,448
D) $ 9,167