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: 1.9x Days sales outstanding: 34.5 daysa Inventory turnover ratio: 7x
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.9x Days sales outstanding: 34.5 daysa Inventory turnover ratio: 7x Fixed assets turnover: 3.5x Current ratio: 2.2x 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 answer to the nearest cent. Balance Sheet Current liabilities Cash Accounts receivable 45,000 Inventories Long-term debt Common stock Retained earnings Total liabilities and equity Fixed assets 105,000 Total assets $300,000 $ Sales Cost of goods sold Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.9x Days sales outstanding: 34.5 daysa Inventory turnover ratio: 7x Fixed assets turnover: 3.5x Current ratio: 2.2x 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 answer to the nearest cent. Balance Sheet Current liabilities Cash Accounts receivable 45,000 Inventories Long-term debt Common stock Retained earnings Total liabilities and equity Fixed assets 105,000 Total assets $300,000 $ 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