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Question description 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=

Question description

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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