Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.2x Days sales outstanding: 73.0 daysa Inventory turnover ratio:
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.2x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ 69 $330,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ 69 10 49,500 82,500
Step by Step Solution
★★★★★
3.48 Rating (171 Votes )
There are 3 Steps involved in it
Step: 1
Total assets turnover is 12x Given Total assets turnover is sales total assets Let total assets be x ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started