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Problem 3-11 Balance Sheet Analysis Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial

Problem 3-11 Balance Sheet Analysis

Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:

Total assets turnover: 1.5 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% Total liabilities-to-assets ratio: 45% Quick ratio: 0.85 Days sales outstanding (based on 365-day year): 29.5 days Inventory turnover ratio: 7.0

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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