Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1x...

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Complete the balance sheet and sales information using thefollowing financial data: Total assets turnover: 1x Days salesoutstanding: 41.5 daysa Inventory turnover ratio: 7x Fixed assetsturnover: 3.5x Current ratio: 2.3x Gross profit margin on sales:(Sales - Cost of goods sold)/Sales = 35% aCalculation is based on a365-day year. Do not round intermediate calculations. Round youranswer to the nearest cent. Balance Sheet Cash $ Currentliabilities $ Accounts receivable Long-term debt 41,250 InventoriesCommon stock Fixed assets Retained earnings 96,250 Total assets$275,000 Total liabilities and equity $ Sales $ Cost of goods sold$

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Total Assets 275000 Total assets turnover 1x Sales 2750001 275000 Gross Profit 35 of 275000 96250 Cost of goods sold 27500096250 178750 Inventory turnover 7x Inventory 178750 7 25536 Days sales See Answer

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Complete the balance sheet and sales information using thefollowing financial data: Total assets turnover: 1x Days salesoutstanding: 41.5 daysa Inventory turnover ratio: 7x Fixed assetsturnover: 3.5x Current ratio: 2.3x Gross profit margin on sales:(Sales - Cost of goods sold)/Sales = 35% aCalculation is based on a365-day year. Do not round intermediate calculations. Round youranswer to the nearest cent. Balance Sheet Cash $ Currentliabilities $ Accounts receivable Long-term debt 41,250 InventoriesCommon stock Fixed assets Retained earnings 96,250 Total assets$275,000 Total liabilities and equity $ Sales $ Cost of goods sold$