In: Finance
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