1. You are provided the following financial ratios for J. White Industries:

   • Total asset turnover: 1.5

   • Gross profit margin = 25%

   • Operating profit margin = 14%

   • Total liabilities-to-assets ratio: 40%

   • Quick ratio: 0.80

   • Days sales outstanding (based on 365-day year): 36.5 days

   • Inventory turnover ratio: 3.75

Using this financial ratio data, complete the partial income statement and missing balance sheet information in the tables below. Make sure you show your steps. Complete Partial Income Statement Information Below Sales ______ Cost of goods sold ______ Gross Profits ______ Operating Expense (including Depreciation) ______ Operating Income ______ Complete Missing Balance Sheet Information Below Cash ______ Accounts payable ______ Accounts receivable ______ Long-term debt $50,000 Inventories _______ Common stock ______ Fixed assets _______ Retained earnings $130,000 Total assets _______ Total liabilities and equities $450,000