Question
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 39 daysa Inventory turnover ratio: 7x
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 39 daysa Inventory turnover ratio: 7x Fixed assets turnover: 3x Current ratio: 2.3x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Balance Sheet Cash $ Current liabilities $ Accounts receivable Long-term debt 60,000 Inventories Common stock Fixed assets Retained earnings 120,000 Total assets $400,000 Total liabilities and equity $ Sales $ Cost of goods sold $
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