Question: Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1 Days sales outstanding: 73.0 days a Inventory turnover ratio:
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1 Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4 Fixed assets turnover: 3.0 Current ratio: 2.5 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35% aCalculation is based on a 365-day year.
Do not round intermediate calculations. Round your answers to the nearest dollar.
Balance Sheet Cash$ Current liabilities$ Accounts receivable Long-term debt36,000Inventories Common stock Fixed assets Retained earnings60,000Total assets$240,000 Total liabilities and equity$ Sales$ Cost of goods sold$
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
