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

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Finance

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

Total assets turnover: 1.3x
Days sales outstanding: 37 days^a
Inventory turnover ratio: 6x
Fixed assets turnover: 3.5x
Current ratio: 1.9x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =25%
^aCalculation is based on a 365-day year. Do not roundintermediate calculations. Round your answer to the nearestcent.
Balance Sheet
Cash $   Current liabilities $
Accounts receivable    Long-term debt 80,000
Inventories    Common stock
Fixed assets    Retained earnings 140,000
Total assets $400,000 Total liabilities and equity $
Sales $   Cost of goods sold $
PLEASE MAKE SURE TO LIST ALL ANSWERSCLEARLY**
INCLUDE ALL ANSWERS

Answer & Explanation Solved by verified expert

4.1 Ratings (691 Votes)

1Total asset turnover Sales Total asset 130 sales 400000 sales 400000130 520000 2Inventory turnover ratio Sales Inventory 6 520000Inventory Inventory 5200006 86667 3Fixed asset turnover sales Fixed asset 35 520000Fixed asset Fixed See Answer

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Complete the balance sheet and sales information using thefollowing financial data:Total assets turnover: 1.3xDays sales outstanding: 37 daysaInventory turnover ratio: 6xFixed assets turnover: 3.5xCurrent ratio: 1.9xGross profit margin on sales: (Sales - Cost of goods sold)/Sales =25%aCalculation is based on a 365-day year. Do not roundintermediate calculations. Round your answer to the nearestcent.Balance SheetCash$ Current liabilities$ Accounts receivable Long-term debt80,000Inventories Common stock Fixed assets Retained earnings140,000Total assets$400,000Total liabilities and equity$ Sales$ Cost of goods sold$ **PLEASE MAKE SURE TO LIST ALL ANSWERSCLEARLY****INCLUDE ALL ANSWERS