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Complete the balance sheet and sales information in the tablethat follows for J. White Industries using the following financialdata: Total assets turnover: 2.8 Gross profit margin on sales:(Sales - Cost of goods sold)/Sales = 26% Totalliabilities-to-assets ratio: 45% Quick ratio: 1.15 Days salesoutstanding (based on 365-day year): 38.5 days Inventory turnoverratio: 4.0 Do not round intermediate calculations. Round youranswers to the nearest whole dollar.Partial IncomeStatementInformationSales$ 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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