Problem 7-11 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: 2.6 Gross profit margin on sales: (Sales-Cost of goods sold)/Sales-21% Total liabilities-to-assets ratio: 45% Quick ratio: 1.00 Days sales outstanding (based on 365-day year): 30 days Inventory turnover ratio: 5.0 Round your answers to the nearest whole dollar Partial Income Statement Information Sales Cost of goods sold Balance Sheet Cash Accounts receivable$ Inventories Fixed assets Total assets Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity $ $50,000 $100,000 $400,000