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Complete the balance sheet and sales information that follows using the following financial data: Debt Ratio: 50% Current ratio:1.8x Total assets turnover:1.5x Days sales outstanding:
Complete the balance sheet and sales information that follows using the following financial data: Debt Ratio: 50% Current ratio:1.8x Total assets turnover:1.5x Days sales outstanding: 36.5 days Gross profit margin on sales: (Sales-Cost of goods sold)/Sales=25% Inventory turnover ratio:5x *Calculation is bases on a 365-day year. Balance Sheet Cash ____________ Acount payable _____________ Accounts receivable ________________ Long-term debt $60,000 Inventories _____________ Common Stock _______________ Fixed assets_____________ Retained earnings $97,500 Total Assets $300,000 Total liabilities and equity________ Sales ______________ Cost of goods sold __________
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