(3-11) Complete the balance sheet and sales information in the table that follows for J. White

Industries using the following financial data:

Total assets turnover: 1.5

Gross profit margin on sales: (Sales %u2013 Cost of goods sold)/Sales = 25%

Total liabilities-to-assets ratio: 40%

Quick ratio: 0.80

Days sales outstanding (based on 365-day year): 36.5 days

Inventory turnover ratio: 3.75

Partial Income Statement Information

Sales __600,000_____

Cost of goods sold ___450,000____

Balance Sheet

Cash _______ Accounts payable ______

Accounts receivable __60,000_____ Long-term debt 50,000

Inventories __120,000_____ Common stock ______

Fixed assets _______ Retained earnings 100,000

Total assets $400,000 Total liabilities and equity __400,000____

I would like to see the equations for the blanks.

I calcualted the bold numbers.