Balance Sheet AnalysisComplete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:Total assets turnover: 2.9Gross profit margin on sales: (Sales – Cost of goods sold)/Sales = 26% Total liabilities-to-assets ratio: 45%Quick ratio: 1.25 Days sales outstanding (based on 365-day year): 35.5 days Inventory turnover ratio: 6.0Round your answers to the nearest whole dollar.Partial Income StatementInformationSales$ Cost of goods sold$ Balance SheetCash$ Accounts payable$ Accounts receivable$ Long-term debt$ 50,000Inventories$ Common stock$ Fixed assets$ Retained earnings$ 100,000Total assets$ 400,000Total liabilities and equity$
Balance Sheet AnalysisComplete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:Total assets turnover: 2.9Gross profit margin on sales: (Sales – Cost of goods sold)/Sales = 26% Total liabilities-to-assets ratio: 45%Quick ratio: 1.25 Days sales outstanding (based on 365-day year): 35.5 days Inventory turnover ratio: 6.0Round your answers to the nearest whole dollar.Partial Income StatementInformationSales$ Cost of goods sold$ Balance SheetCash$ Accounts payable$ Accounts receivable$ Long-term debt$ 50,000Inventories$ Common stock$ Fixed assets$ Retained earnings$ 100,000Total assets$ 400,000Total liabilities and equity$
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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Balance Sheet AnalysisComplete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data:Total assets turnover: 2.9Gross profit margin on sales: (Sales – Cost of goods sold)/Sales = 26% Total liabilities-to-assets ratio: 45%Quick ratio: 1.25 Days sales outstanding (based on 365-day year): 35.5 days Inventory turnover ratio: 6.0Round your answers to the nearest whole dollar.Partial Income StatementInformationSales$ Cost of goods sold$ Balance SheetCash$ Accounts payable$ Accounts receivable$ Long-term debt$ 50,000Inventories$ Common stock$ Fixed assets$ Retained earnings$ 100,000Total assets$ 400,000Total liabilities and equity$
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