Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x. Days sales outstanding: 36.5 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ $240,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ 48,000 60,000
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x. Days sales outstanding: 36.5 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ $240,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ 48,000 60,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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![Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1.1x
Days sales outstanding: 36.5 daysa
Inventory turnover ratio: 4x
Fixed assets turnover: 3.0x
Current ratio: 2.5x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35%
aCalculation is based on a 365-day year.
Do not round intermediate calculations. Round your answers to the nearest dollar.
Cash
Accounts receivable
Inventories
Fixed assets
Total assets
Sales
$
Balance Sheet
$240,000
Current liabilities
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
Cost of goods sold
$
48,000
60,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff13074e8-397a-427b-ad72-b2f3400bfb16%2F1740889f-3df2-4cb5-b7a3-c9e1fa8af141%2Fcwm3l8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1.1x
Days sales outstanding: 36.5 daysa
Inventory turnover ratio: 4x
Fixed assets turnover: 3.0x
Current ratio: 2.5x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35%
aCalculation is based on a 365-day year.
Do not round intermediate calculations. Round your answers to the nearest dollar.
Cash
Accounts receivable
Inventories
Fixed assets
Total assets
Sales
$
Balance Sheet
$240,000
Current liabilities
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
Cost of goods sold
$
48,000
60,000
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Step 1: Introduction
VIEWStep 2: Computation of values
VIEWSolution
VIEWStep 3: To compute-COGS
VIEWStep 4: To compute-Total liabilities & equity
VIEWStep 5: To compute-Inventory
VIEWStep 6: To compute-Accounts receivables
VIEWStep 7: To compute-Fixed assets
VIEWStep 8: To compute-Cash
VIEWStep 9: To compute-Current liabilities
VIEWStep 10: To compute-Common stock
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