Question

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

Total assets turnover: 1×
Days sales outstanding: 73.0 days^a
Inventory turnover ratio: 4×
Fixed assets turnover: 3.0×
Current ratio: 2.0×
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20%
^aCalculation is based on a 365-day year.

Do not round intermediate calculations. Round your answers to the nearest dollar.

Balance Sheet
Cash	$		Current liabilities	$
Accounts receivable			Long-term debt	48,000
Inventories			Common stock
Fixed assets			Retained earnings	60,000
Total assets	$240,000		Total liabilities and equity	$
Sales	$		Cost of goods sold	$

Answer 1