4-22 BALANCE SHEET ANALYSIS Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5X Days sales outstanding: 36.5 days" Inventory turnover ratio: 5x Fixed assets turnover: 3.0 Current ratio: 2.0X Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25% Calculation is based on a 365-day year. Cash Accounts receivable Inventories Fixed assets Balance Sheet Current liabilities Long-term debt Common stock Retained earnings $300,000 Total liabilities and equity 60,000 97,500 Total assets Sales Cost of goods sold