Balance Sheet Analysis

Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:

Total assets turnover: 1.7

Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30%

Total liabilities-to-assets ratio: 35%

Quick ratio: 1.00

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

Inventory turnover ratio: 3.25

Do not round intermediate calculations. Round your answers to the nearest whole dollar.

Partial Income Statement Information

Sales $

Cost of goods sold

Balance Sheet

Assets Liabilities and Equity

Cash $

Accounts payable $

Accounts receivable

Long-term debt 50,000

Inventories

Common stock

Fixed assets

Retained earnings 100,000

Total assets $ 400,000 Total liabilities and equity $