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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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