Complete the balance sheet and sales information using the following financial data, homework help
Complete the balance sheet and sales information using the following financial data:
Total assets turnover: 1.5× Days sales outstanding: 36.5 daysa Inventory turnover ratio: 5× Fixed assets turnover: 3.0× Current ratio: 2.0× Gross profit margin on sales: (Sales − Cost of goods sold)/Sales = 25%
aCalculation is based on a 365-day year.
Balance Sheet
Cash=
Accounts receivable =
Inventories=
Fixed assets =
Total assets = $300,000
Sales =
Current liabilities =
Long-term debt = 60,000
Common stock=
Retained earnings 97,500
Total liabilities and equity=
Cost of goods sold=
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