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: 1.3 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% Total liabilities-to-assets ratio: 45% Quick ratio: 1.05 Days sales outstanding (based on 365-day year): 39.5 days Inventory turnover ratio: 7.0

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	$ _______	Common stock	$ ______
Fixed assets	$ _____	Retained earnings	$ 100,000
Total assets	$ 400,000	Total liabilities and equity	$ _______

Answer all the blanks ____ and plz show steps