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: 1.5 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 24% Total liabilities-to-assets ratio: 35% Quick ratio: 0.95 Days sales outstanding (based on 365-day year): 31.5 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 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	$