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Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.3x Days sales outstanding: 40.5 days Inventory turnover ratio: 7x Fixed assets turnover: 3x Current ratio: 2.1x Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 30% "Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ Balance Sheet Current liabilities Long-term debt Common stock 41,250 Retained earnings 68,750 $275,000 $ Total liabilities and equity Cost of goods sold $ $

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.3x Days sales outstanding: 40.5 days Inventory turnover ratio: 7x Fixed assets turnover: 3x Current ratio: 2.1x Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 30% "Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ Balance Sheet Current liabilities Long-term debt Common stock 41,250 Retained earnings 68,750 $275,000 $ Total liabilities and equity Cost of goods sold $ $

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 using the following financial data: Total assets turnover: 1.3x Days sales outstanding: 40.5 days Inventory turnover ratio: 7x Fixed assets turnover: 3x Current ratio: 2.1x Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 30% "Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ Balance Sheet Current liabilities Long-term debt Common stock 41,250 Retained earnings 68,750 $275,000 $ Total liabilities and equity Cost of goods sold $ $
Transcribed Image Text:Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.3x Days sales outstanding: 40.5 days Inventory turnover ratio: 7x Fixed assets turnover: 3x Current ratio: 2.1x Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 30% "Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ Balance Sheet Current liabilities Long-term debt Common stock 41,250 Retained earnings 68,750 $275,000 $ Total liabilities and equity Cost of goods sold $ $
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