2. Balance Sheet Analysis

Consider the following financial data for J. White Industries:

Total assets turnover: 1.2

Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 26%

Total liabilities-to-assets ratio: 55%

Quick ratio: 0.85

Days sales outstanding (based on 365-day year): 38 days Inventory turnover ratio: 5.0

Open Excel spreadsheet and perform the required analysis to answer the questions below.

Complete the balance sheet and sales information in the table that follows for J. White Industries. Do not round intermediate calculations. Round your answers to the nearest whole dollar.

Partial Income

Statement Information

Sales $

Cost of goods sold $

Balance Sheet

Cash $ Accounts payable $

Accounts receivable $ Long-term debt $ 50,000

Inventories $ Common stock $

Fixed assets $ retained earnings $

Total assets $400000 total liabilities equity $