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 = 20% Total liabilities-to-assets ratio: 50% Quick ratio: 0.80 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	$ 680,000
Cost of goods sold	$ 540,000

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	$