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: 1.3x Days sales outstanding: 33 days a Inventory turnover ratio:
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.3x Days sales outstanding: 33 daysa Inventory turnover ratio: 6x Fixed assets turnover: 3.5x Current ratio: 2.4x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15% 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 | 40,000 | ||
Inventories | Common stock | |||
Fixed assets | Retained earnings | 50,000 | ||
Total assets | $200,000 | Total liabilities and equity | $ | |
Sales | $ | Cost of goods sold | $ |
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