Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5 Days

Complete the balance sheet and sales information using the following financial data:

Total assets turnover: 1.5×

Days sales outstanding: 36.5 daysa

Inventory turnover ratio: 5×

Fixed assets turnover: 3.0×

Current ratio: 2.0×

Gross profit margin on sales: (Sales − Cost of goods sold)/Sales = 25%

aCalculation is based on a 365-day year.

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Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 60,000 97,500 $300,000