eBook

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

Total assets turnover: $1\mathrm{.}5\backslash$times

Days sales outstanding: $36\mathrm{.}5$ daysa

Inventory turnover ratio: $3\mathrm{.}75\backslash$times

Fixed assets turnover: $3\mathrm{.}0\backslash$times

Current ratio: $2\mathrm{.}5\backslash$times

Gross profit margin on sales: $($Sales $-$ Cost of goods sold$)/$Sales $=20\%$

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 debt $54,000$

Inventories Common stock

Fixed assets Retained earnings $67,500$

Total assets $$270,000$ Total liabilities and equity $

Sales $ Cost of goods sold $