Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.7 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: 3.50 Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income Statement Information Sales $
Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.7 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: 3.50 Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income Statement Information Sales $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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: 1.7
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: 3.50
Do not round intermediate calculations. Round your answers to the nearest whole dollar.
Partial Income Statement Information
Sales
$
Cost of goods sold
Balance Sheet
Assets
Cash
Accounts receivable
Inventories
Fixed assets
Total assets
$
400,000
Liabilities and Equity
Accounts payable
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
50,000
100,000
400,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67ca01c8-cb91-478d-8d16-15a7537663af%2F7398f995-fdf8-425d-8e16-1896d00c68b1%2Fuagjefk_processed.png&w=3840&q=75)
Transcribed Image Text: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: 1.7
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: 3.50
Do not round intermediate calculations. Round your answers to the nearest whole dollar.
Partial Income Statement Information
Sales
$
Cost of goods sold
Balance Sheet
Assets
Cash
Accounts receivable
Inventories
Fixed assets
Total assets
$
400,000
Liabilities and Equity
Accounts payable
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
50,000
100,000
400,000
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