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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 $

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: 1.5x 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 $
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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