In: Finance
| 
 Complete the balance sheet and sales information using the
following financial data: Do not round intermediate calculations. Round your answers to the nearest dollar. 
  | 
||||||||||||||||||||||||||||||||||||||||
| Total asset turnover | 1.1 | ||
| Total asset | $ 210,000 | ||
| Sale= | Total asset*Turnover ratio | ||
| Sale= | 210000*1.1 | ||
| Sale= | $ 231,000 | ||
| Days sale outstanding | 36.5 | ||
| Account receivable | 231000*36.5/365 | ||
| Account receivable | $ 23,100 | ||
| Gross profit margin | 25% | ||
| Gross profit | 231000*25% | ||
| Gross profit | $ 57,750 | ||
| Cost of goods sold= | (231000-57750) | ||
| Cost of goods sold= | $ 173,250 | ||
| Inventory turnover ratio | 5 | ||
| Closing inventory= | Cost of goods sold/Turnover ratio | ||
| Closing inventory= | 173250/5 | ||
| Closing inventory= | $ 34,650 | ||
| Fixed asset turnover | 3 | ||
| Sale= | $ 231,000 | ||
| Fixed asset= | Sale/Fixed asset | ||
| Fixed asset= | 231000/3 | ||
| Fixed asset= | $ 77,000 | ||
| Total asset | $ 210,000 | ||
| Less Fixed asset | $ (77,000) | ||
| Less Receivables | $ (23,100) | ||
| Less Inventory | $ (34,650) | ||
| Cash balance | $ 75,250 | ||
| Cash | $ 75,250 | ||
| Inventory | $ 34,650 | ||
| Account receivable | $ 23,100 | ||
| Current asset | $ 133,000 | ||
| Current ratio | 2.5 | ||
| Current ratio= | Current asset/Current liability | ||
| Current liability= | 133000/2.5 | ||
| Current liability= | $ 53,200 | ||
| Total liabilities and equity= | Total asset | ||
| Total liabilities and equity= | $ 210,000 | ||
| Less Current liabilities | $ (53,200) | ||
| Less Long term debt | $ (52,500) | ||
| Less Retained earnings | $ (52,500) | ||
| Equity capital | $ 51,800 | ||
| Balance Sheet | |||
| Cash | $ 75,250 | Current liabilities | $ 53,200 | 
| Accounts receivable | $ 23,100 | Long term debt | $ 52,500 | 
| Inventory | $ 34,650 | Common stock | $ 51,800 | 
| Fixed assets | $ 77,000 | Retained earnings | $ 52,500 | 
| Total asset | $ 210,000 | Total liabilities & equity | $ 210,000 | 
| Sale | $ 231,000 | Cost of goods sold | $ 173,250 |