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: 2.7
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 2.7 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 22% Total liabilities-to-assets ratio: 50% Quick ratio: 0.95 Days' sales outstanding (based on 365-day year): 35 days Inventory turnover ratio: 7.0 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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