Problem 4-22 Balance Sheet Analysis

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.4x Days sales outstanding: 42 daysa Inventory turnover ratio: 7x Fixed assets turnover: 3.5x Current ratio: 2.3x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 365-day year. Round your answer to the nearest cent.

Balance Sheet
Cash	$		Current liabilities	$
Accounts receivable	$		Long-term debt	70,000
Inventories	$ 70,000		Common stock	$
Fixed assets	$ 140,000		Retained earnings	87,500
Total assets	$350,000		Total liabilities and equity	$ 350,000
Sales	$ 490,000		Cost of goods sold	$ 392,000