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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.

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
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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