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Problem 7-11 Balance Sheet Analysis Complete the balance sheet and sales information in the table that...

Problem 7-11
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: 1.3
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20%
Total liabilities-to-assets ratio: 45%
Quick ratio: 1.05
Days sales outstanding (based on 365-day year): 39.5 days
Inventory turnover ratio: 7.0

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 all the blanks ____ and plz show steps

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