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Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.5

Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:

Total assets turnover: 1.5

Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20%

Total liabilities-to-assets ratio: 45%

Quick ratio: 1.00

Days' sales outstanding (based on 365-day year): 36.5 days

Inventory turnover ratio: 3.25

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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