Problem 3-11 Balance Sheet Analysis Complete the balance sheetand sales information in the table that follows for J. WhiteIndustries using the following financial data: Total assetsturnover: 1.8 Gross profit margin on sales: (Sales - Cost of goodssold)/Sales = 25% Total liabilities-to-assets ratio: 55% Quickratio: 1.00 Days sales outstanding (based on 365-day year): 32 daysInventory turnover ratio: 4.0 Do not round intermediatecalculations. Round your answers to the nearest whole dollar.Partial Income Statement Information Sales $ Cost of goods sold $Balance Sheet Cash $ Accounts payable $ Accounts receivableLong-term debt 50,000 Inventories Common stock Fixed assetsRetained earnings 100,000 Total assets $ 400,000 Total liabilitiesand equity $
