You are trying to prepare financial statements for Bartlett Pickle Company, but seem to be missing its balance sheet. You have Bartlett’s income statement, which shows sales last year were $420 million with a gross profit margin of 40 percent. You also know that credit sales equaled threequarters of Bartlett’s total revenues last year. In addition, Bartlett had a collection period of 55 days, a payables period of 40 days, and an inventory turnover of 8 times based on cost of goods sold. Calculate Bartlett’s yearending balance for accounts receivable, inventory, and accounts payable.

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