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Can you please help me with this? I am not sure how to get the common stock or the total liabilities and equity. I did
Can you please help me with this? I am not sure how to get the common stock or the total liabilities and equity. I did the rest but I am not sure if it is right either. Thank you so much!
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5x Days sales outstanding: 36.5 daysa Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.0 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash $ $ 90,000 72,000 Accounts receivable Inventories 15,000 54,000 144,000 180,000 $360,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold Fixed assets 90,000 Total assets $ Sales $ 540,000 $ 405,000Step by Step Solution
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