Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.2× Days sales...

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Finance

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

Total assets turnover: 1.2×
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 =15%
^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 36,000
Inventories    Common stock
Fixed assets    Retained earnings 60,000
Total assets $240,000 Total liabilities and equity $
Sales $    Cost of goods sold $

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4.4 Ratings (563 Votes)

Total asset turnover 12 Salestotal assets 12 Sales 24000012 288000 Cost Iof goods sold 85 28800085 244800 Days sales outstanding 365 365accounts See Answer

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Complete the balance sheet and sales information using thefollowing financial data:Total assets turnover: 1.2×Days sales outstanding: 36.5 daysaInventory turnover ratio: 5×Fixed assets turnover: 2.5×Current ratio: 2.0×Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =15%aCalculation is based on a 365-day year.Do not round intermediate calculations. Round your answers tothe nearest dollar.Balance SheetCash$ Current liabilities$ Accounts receivable Long-term debt36,000Inventories Common stock Fixed assets Retained earnings60,000Total assets$240,000Total liabilities and equity$ Sales$ Cost of goods sold$

Balance Sheet

Cash	$	Current liabilities	$
Accounts receivable		Long-term debt	36,000
Inventories		Common stock
Fixed assets		Retained earnings	60,000
Total assets	$240,000	Total liabilities and equity	$
Sales	$	Cost of goods sold	$