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: 1.7
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.7 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 23% Total liabilities-to-assets ratio: 45% Quick ratio: 0.95 Days sales outstanding (based on 365-day year): 31 days Inventory turnover ratio: 5.0 Round to the nearest whole dollar. Partial Income Statement Information Sales $ Cost of goods sold $ Balance Sheet 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 $ 400,000
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