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Checking to see if I am right, thank you. Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1x
Checking to see if I am right, thank you.
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15% a Calculation is based on a 365-day year. - Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash 751,500 Current liabilities $ 436,500 67,500 Accounts receivable 54,000 Long-term debt Inventories 67,500 Common stock 315,000 Fixed assets 900,000 Retained earnings 81,000 Total assets $270,000 Total liabilities and equity $ 270,000 Sales $ 270,000 Cost of goods sold $ 229500Step by Step Solution
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