7-14 Complete the balance sheet and sales information in the table that follows forIsberg Industries using the following financial data:Debt ratio: 50%Quick ratio: 0.80×Total assets turnover: 1.5xDays sales outstanding: 36.0 daysGross profit margin on sales: (Sales -Inventory turnover ratio: 5.0×CashAccounts receivableInventoriesFixed assetsTotal assetsSales$300,000Cost of goods sold)/SalesBalance Sheet= 25%Accounts payableLong-term debtCommon stockRetained earningsTotal liabilities and equityCost of goods sold$60,000$97,500Balance Sheet

The balance sheet is prepared at the end of the accounting period to show the financial position of…

7-14 Complete the balance sheet and sales information in the table that follows for Isberg Industries using the following financial data: Debt ratio: 50% Quick ratio: 0.80× Total assets turnover: 1.5x Days sales outstanding: 36.0 days Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25% Inventory turnover ratio: 5.0× Cash Accounts receivable Inventories Fixed assets Total assets Sales $300,000 Balance Sheet Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $60,000 $97,500 Balance Sheet

7-14 Complete the balance sheet and sales information in the table that follows for Isberg Industries using the following financial data: Debt ratio: 50% Quick ratio: 0.80× Total assets turnover: 1.5x Days sales outstanding: 36.0 days Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25% Inventory turnover ratio: 5.0× Cash Accounts receivable Inventories Fixed assets Total assets Sales $300,000 Balance Sheet Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $60,000 $97,500 Balance Sheet

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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Complete the balance sheet and sales information in the table that follows for Isberg Industries using the following financial data: Debt ratio: 50% Quick ratio: 0.80 x Total assets turnover: 1.5 x Days sales outstanding: 36.0 days Gross profit margin on sales: (Sales Inventory turnover ratio: 5.0 Cost of goods sold)/Sales 25% Inventory turnover ratio: 5.0 x
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