Problem 7-11 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: 2.1 Gross profit margin on sales: (Sales-Cost of goods sold)/Sales = 25% Total liabilities-to-assets ratio: 55% Quick ratio: 0.85 Days sales outstanding (based on 365-day year): 37 days Inventory turnover ratio: 6.0 Round your answers to the nearest whole dollar. Partial Income Statement Information Sales Cost of goods sold $ Balance Sheet Cash Accounts receivable $ Inventories Fixed assets Total assets Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity 50,000 100,000 $ 400,000