Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5 X Days sales outstanding: 36.5 days (Calculation is based on a 365-day year) Inventory turnover ratio: 5 X Fixed assets turnover: 3.0 X Current ratio: 2.0 X Gross profit margin on sales: (Sales - Cost of goods sold) ∕ Sales = 25% Cash ------------ Current Liabilities -------- Accounts Receivables ------------ Long Term Liabilities 60000 Inventories ------------ Common Stock -------- Fixed Assets ------------ Retained Earnings 97500 Total Assets 300000 Total Liabilities and Equity --------- Sales Cost of goods sold ---------
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5 X Days sales outstanding: 36.5 days (Calculation is based on a 365-day year) Inventory turnover ratio: 5 X Fixed assets turnover: 3.0 X Current ratio: 2.0 X Gross profit margin on sales: (Sales - Cost of goods sold) ∕ Sales = 25% Cash ------------ Current Liabilities -------- Accounts Receivables ------------ Long Term Liabilities 60000 Inventories ------------ Common Stock -------- Fixed Assets ------------ Retained Earnings 97500 Total Assets 300000 Total Liabilities and Equity --------- Sales Cost of goods sold ---------
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...
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Q 2 Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1.5 X
Days sales outstanding: 36.5 days (Calculation is based on a 365-day year)
Inventory turnover ratio: 5 X
Fixed assets turnover: 3.0 X
Gross profit margin on sales: (Sales - Cost of goods sold) ∕ Sales = 25%
Cash |
------------ |
Current Liabilities |
-------- |
|
------------ |
Long Term Liabilities |
60000 |
Inventories |
------------ |
Common Stock |
-------- |
Fixed Assets |
------------ |
|
97500 |
Total Assets |
300000 |
Total Liabilities and Equity |
--------- |
Sales |
|
Cost of goods sold |
--------- |
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