4.13 Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.3Ã— Days sales...

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Finance

4.13
Complete the balance sheet and sales information using thefollowing financial data:

Total assets turnover: 1.3Ã—
Days sales outstanding: 36.5 days^a
Inventory turnover ratio: 4Ã—
Fixed assets turnover: 3.0Ã—
Current ratio: 2.0Ã—
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =35%
^aCalculation is based on a 365-day year.
Do not round intermediate calculations. Round your answers tothe nearest dollar.
Balance Sheet
Cash $Â Â Current liabilities $Â Â
Accounts receivable Â Â Long-term debt 40,500
Inventories Â Â Common stock Â Â
Fixed assets Â Â Retained earnings 94,500
Total assets $270,000 Total liabilities and equity $Â Â
Sales $Â Â Cost of goods sold $Â Â

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Total Assets Turnover Sales Total Assets 13 Sales 270000 Sales 351000 Days Sales Outstanding 365 Accounts Receivable Sales 3650 365 Accounts Receivable 351000 Accounts Receivable 35100 Gross Profit See Answer

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Balance Sheet

Cash	$Â Â	Current liabilities	$Â Â
Accounts receivable	Â Â	Long-term debt	40,500
Inventories	Â Â	Common stock	Â Â
Fixed assets	Â Â	Retained earnings	94,500
Total assets	$270,000	Total liabilities and equity	$Â Â
Sales	$Â Â	Cost of goods sold	$Â Â