Question
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.6
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.6 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25% Total liabilities-to-assets ratio: 35% Quick ratio: 1.20 Days' sales outstanding (based on 365-day year): 36.5 days Inventory turnover ratio: 3.75 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 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 $
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