Question

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 39.5 daysa Inventory turnover ratio: 7x Fixed assets turnover: 2.5x Current ratio: 2.4x 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 50,000 Inventories 7 Common stock Fixed assets 2.5 Retained earnings 50,000 Total assets $200,000 Total liabilities and equity $ Sales $ Cost of goods sold

Answer 1

All the necessary equations are shown in the spreadsheet screenshots.