Complete the balance sheet and sales information using the following financial data:Total assets turnover: 1xDays sales outstanding: 73.0 days²Inventory turnover ratio: 3.75xFixed assets turnover: 3.0xCurrent ratio: 2.5xGross 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 SheetCashAccounts receivableInventoriesFixed assetsTotal assetsSales$$$360,000Current liabilitiesLong-term debtCommon stockRetained earningsTotal liabilities and equityCost of goods sold$$$90,00090,000

Financial ratios are calculated to determine the financial position of an entity. It is very…

tal assets turnover: 1x ays sales outstanding: 73.0 days ventory turnover ratio: 3.75x xed assets turnover: 3.0x urrent ratio: 2.5x ross profit margin on sales: (Sales - Cost of goods sold Calculation is based on a 365-day year. o not round intermediate calculations. Round your answ Balance

tal assets turnover: 1x ays sales outstanding: 73.0 days ventory turnover ratio: 3.75x xed assets turnover: 3.0x urrent ratio: 2.5x ross profit margin on sales: (Sales - Cost of goods sold Calculation is based on a 365-day year. o not round intermediate calculations. Round your answ Balance

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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Question

Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1x
Days sales outstanding: 73.0 days²
Inventory turnover ratio: 3.75x
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
$
$
$360,000
Current liabilities
Long-term debt
Common stock
Retained earnings
Total liabilities and equity
Cost of goods sold
$
$
$
90,000
90,000

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