Question
Consider the following financial data for J. White Industries: Total assets turnover: 2.3 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =
Consider the following financial data for J. White Industries:
Total assets turnover: 2.3 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 24% Total liabilities-to-assets ratio: 60% Quick ratio: 0.90 Days sales outstanding (based on 365-day year): 31 days Inventory turnover ratio: 6.0
Complete the balance sheet and sales information in the table that follows for J. White Industries. Do not round intermediate calculations. Round your answers to the nearest whole dollar.
| Partial Income | Statement Information |
| Sales | $ |
| Cost of goods sold | $ |
Balance Sheet
| Cash | $ | Accounts payable | $ |
| Accounts receivable | $ | Long-term debt | $ 50,000 |
| Inventories | $ | Common stock | $ |
| Fixed assets | $ | Retained earnings | $ 100,000 |
| Total assets | $ 400,000 | Total liabilities and equity | $ |
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
