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: 1.9

Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20%

Total liabilities-to-assets ratio: 50%

Quick ratio: 1.20

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

Inventory turnover ratio: 3.50

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

Cash:

Accounts receivable:

Inventories:

Fixed assets:

Total assets:400,000

Liabilities and Equity

Accounts payable:

Long-term debt:50,000

Common stock:

Retained earnings:100,000

Total liabilities and equity :