Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.4× Days sales...

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Accounting

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

Total assets turnover: 1.4×
Days sales outstanding: 36.5 days^a
Inventory turnover ratio: 5×
Fixed assets turnover: 2.5×
Current ratio: 2.0×
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 $   Current liabilities $
Accounts receivable    Long-term debt 78,000
Inventories    Common stock
Fixed assets    Retained earnings 136,500
Total assets $390,000 Total liabilities and equity $
Sales $   Cost of goods sold $

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3.8 Ratings (422 Votes)

1 Asset turnover RevenueTotal asset 14 Revenue390000 Revenue 39000014 546000 Thus sales is 546000 2 days sales outstanding Accounts receivableTotal credit sales days in accounting period 365 Accounts receivable546000365 Accounts receivables 54600 3 Gross profit margin on sales Sales Cost of goods See Answer

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Balance Sheet

Cash	$	Current liabilities	$
Accounts receivable		Long-term debt	78,000
Inventories		Common stock
Fixed assets		Retained earnings	136,500
Total assets	$390,000	Total liabilities and equity	$
Sales	$	Cost of goods sold	$