Balance Sheet Analysis Complete the balance sheet and sales information in the table that follows for J....

50.1K

Verified Solution

Question

Finance

Balance Sheet Analysis
Complete the balance sheet and sales information in the tablethat follows for J. White Industries using the following financialdata:
Total assets turnover: 1.3
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =23%
Total liabilities-to-assets ratio: 55%
Quick ratio: 1.25
Days sales outstanding (based on 365-day year): 33 days
Inventory turnover ratio: 6.0
Round your answers to the nearest whole dollar.
Partial Income Statement
Information
Sales $Â Â
Cost of goods sold $Â Â
Balance Sheet
Cash $Â Â Accounts payable $Â Â
Accounts receivable $Â Â Long-term debt $Â Â 50,000
Inventories $Â Â Common stock $Â Â
Fixed assets $Â Â Retained earnings $Â Â 100,000
Total assets $Â Â 400,000 Total liabilities and equity $Â Â

Answer & Explanation Solved by verified expert

4.0 Ratings (650 Votes)

Total liabilities and equity Total Assets 400000 Total liabilities Total liabilitiestoassets ratio Total Assets 055 400000 220000 Total Equity Total Assets Total liabilities 400000 220000 180000 Common Stock Total Equity Retained Earnings 180000 100000 80000 Accounts Payable Total See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Partial Income	Statement Information
Sales	$Â Â
Cost of goods sold	$Â Â

Cash	$Â Â	Accounts payable	$Â Â
Accounts receivable	$Â Â	Long-term debt	$Â Â 50,000
Inventories	$Â Â	Common stock	$Â Â
Fixed assets	$Â Â	Retained earnings	$Â Â 100,000
Total assets	$Â Â 400,000	Total liabilities and equity	$Â Â