Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5x Days sales outstanding: 36.5 days³ Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 355-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Current liabilities Long-term debt 97,500 Inventories Fixed assets Common stock Retained earnings 97,500 Total assets $390,000 Total liabilities and equity $ Sales $ Cost of goods sold $
Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.5x Days sales outstanding: 36.5 days³ Inventory turnover ratio: 3.75x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 355-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Current liabilities Long-term debt 97,500 Inventories Fixed assets Common stock Retained earnings 97,500 Total assets $390,000 Total liabilities and equity $ Sales $ Cost of goods sold $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1.5x
Days sales outstanding: 36.5 days³
Inventory turnover ratio: 3.75x
Fixed assets turnover: 3.0x
Current ratio: 2.0x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20%
aCalculation is based on a 355-day year.
Do not round intermediate calculations. Round your answers to the nearest dollar.
Balance Sheet
Cash
Accounts receivable
Current liabilities
Long-term debt
97,500
Inventories
Fixed assets
Common stock
Retained earnings
97,500
Total assets
$390,000
Total liabilities and equity
$
Sales
$
Cost of goods sold
$
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