Question

Complete the balance sheet and sales information using the following financial data:

Total assets turnover: 1.2x
Days sales outstanding: 31.5 days^a
Inventory turnover ratio: 5x
Fixed assets turnover: 2.5x
Current ratio: 2.1x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30%
^aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent.

Balance Sheet
Cash	$		Current liabilities	$
Accounts receivable			Long-term debt	62,500
Inventories			Common stock
Fixed assets			Retained earnings	75,000
Total assets	$250,000		Total liabilities and equity	$
Sales	$		Cost of goods sold	$

Answer 1