7-14 Complete the balance sheet and sales information in the table that follows for Isberg Industries using the following financial data: Debt ratio: 50% Balance Sheet Quick ratio: 0.80x Total assets...

Complete the balance sheet and sales information below for Iceberg Industries using the following financial data:

Extracted text: 7-14 Complete the balance sheet and sales information in the table that follows for Isberg Industries using the following financial data: Debt ratio: 50% Balance Sheet Quick ratio: 0.80x Total assets turnover: 1.5 x Days sales outstanding: 36.0 days Gross profit margin on sales: (Sales Inventory turnover ratio: 5.0x - Cost of goods sold)/Sales = 25% %3D Balance Sheet Accounts payable Cash $60,000 Accounts receivable Long-term debt Common stock Inventories Fixed assets Retained earnings $97,500 Total liabilities and equity Total assets $300,000 Sales Cost of goods sold