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 = 23% Total liabilities-to-assets ratio: 55% Quick ratio: 0.95 Days sales outstanding (based on 365-day year): 31.5 days Inventory turnover ratio: 6.0

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	$