Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1 Days sales outstanding: 73.0 daysa Inventory turnover ratio: 3.75x
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1 Days sales outstanding: 73.0 daysa Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Total assets Sales Balance Sheet $360,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 64 69 69 72,000 108,000 Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1x Days sales outstanding: 73.0 days a Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold) / Sales =30% a Calculation is based on a 365 -day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet \begin{tabular}{|c|c|c|c|c|c|} \hline Cash & $ & & Current liabilities & $ & \\ \hline Accounts receivable & & & Long-term debt & & 72,000 \\ \hline Inventories & & & Common stock & & \\ \hline Fixed assets & & & Retained earnings & & 108,000 \\ \hline Total assets & & $360,000 & Total liabilities and equity & $ & \\ \hline Sales & $ & & Cost of goods sold & $ & \\ \hline \end{tabular}
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1 Days sales outstanding: 73.0 daysa Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Total assets Sales Balance Sheet $360,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 64 69 69 72,000 108,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started