Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Total assets turnover: 1.4 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 29% Total liabilities-to-assets ratio: 55% Quick ratio: 1.20 Days
Total assets turnover: 1.4 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 29% Total liabilities-to-assets ratio: 55% Quick ratio: 1.20 Days sales outstanding (based on 365-day year): 30 days Inventory turnover ratio: 7.0
| 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 | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started