Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.4 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% Total liabilities-to-assets ratio: 45% Quick ratio: 0.80 Days' sales outstanding (based on 365-day year): 36.5 days Inventory turnover ratio: 3.75 Do not round intermediate calculations. Round your answers to the nearest whole dollar.
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.4 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30% Total liabilities-to-assets ratio: 45% Quick ratio: 0.80 Days' sales outstanding (based on 365-day year): 36.5 days Inventory turnover ratio: 3.75 Do not round intermediate calculations. Round your answers to the nearest whole dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:
Total assets turnover: 1.4
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 30%
Total liabilities-to-assets ratio: 45%
Quick ratio: 0.80
Days' sales outstanding (based on 365-day year): 36.5 days
Inventory turnover ratio: 3.75
Do not round intermediate calculations. Round your answers to the nearest whole dollar.
Transcribed Image Text:Partial Income Statement Information
Sales
$
560000
Cost of goods sold
392000
Balance Sheet
Assets
Liabilities and Equity
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
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