Problem 3-11 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: 1.5 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales - 20% Total liabilities-to-assets ratio: 55% Quick ratio: 1.05 Days sales outstanding (based on 365-day year): 31.5 days Inventory turnover ratio: 6.0 Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income Statement Information Sales Cost of goods sold Balance Sheet $ Cash Accounts payable Accounts receivable Long-term debt 50,000 Inventories Fixed assets Common stock Retained earnings Total liabilities and equity 100,000 $ Total assets $ 400,000