Question

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: 1.2
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25%
Total liabilities-to-assets ratio: 45%
Quick ratio: 0.80
Days' sales outstanding (based on 365-day year): 36.5 days
Inventory turnover ratio: 3.75

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

Partial Income Statement Information
Sales	$
Cost of goods sold

Balance Sheet
Assets				Liabilities and Equity
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 1

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