Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales...

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Finance

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

Total assets turnover: 1.1x
Days sales outstanding: 33.5 days^a
Inventory turnover ratio: 7x
Fixed assets turnover: 3x
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.
Cash
$
Current liabilities
$
Accounts receivable

Long-term debt
68,750
Inventories

Common stock

Fixed assets

Retained earnings
82,500
Total assets
$275,000
Total liabilities and equity
$
Sales
$
Cost of goods sold
$

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3.6 Ratings (615 Votes)

Total assets turnover ratio 11 Days sales outstanding 33 5 Inventory turnover ratio 7 Fixed assets turnover 3 Current ratio 19 Gross profit margin on sales 25 1 Total assets turnover ratio Net SalesTotal Assets 11 Net Sales275000 Net Sales 11275000 302500 Since there is no discount and returns Net Sales Sales Sales 302500 2 Days sales outstanding Accounts Receivable No of See Answer

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Complete the balance sheet and sales information using thefollowing financial data:Total assets turnover: 1.1xDays sales outstanding: 33.5 daysaInventory turnover ratio: 7xFixed assets turnover: 3xCurrent 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.Cash$ Current liabilities$ Accounts receivable Long-term debt68,750Inventories Common stock Fixed assets Retained earnings82,500Total assets$275,000Total liabilities and equity$ Sales$ Cost of goods sold$

Cash	$	Current liabilities	$
Accounts receivable		Long-term debt	68,750
Inventories		Common stock
Fixed assets		Retained earnings	82,500
Total assets	$275,000	Total liabilities and equity	$
Sales	$	Cost of goods sold	$