Additionally financial ratios can also be used to related items from the balance sheet to items in the income statement, such as sales or cost of goods sold. For example, the total assets turnover ratio can be calculated as sales (from the income statement) divided by total assets (from the balance sheet). In theory, if you know the total assets turnover ratio as well as the value of total assets, you can solve for sales by multiplying the total assets turnover ratio by total assets. True or False: Assets generally appear on the left side of the balance sheet. True False Cash would generally appear under on the balance sheet