Question

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
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 24%
Total liabilities-to-assets ratio: 55%
Quick ratio: 0.75
Days sales outstanding (based on 365-day year): 36.5 days
Inventory turnover ratio: 5.0

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	$

Answer 1