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: 1.5
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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