Problem 3-11 Balance Sheet Analysis Complete the balance sheet and sales information in the table that follows for...

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Finance

Problem 3-11
Balance Sheet Analysis
Complete the balance sheet and sales information in the tablethat follows for J. White Industries using the following financialdata:
Total assets turnover: 2.8
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =23%
Total liabilities-to-assets ratio: 60%
Quick ratio: 0.90
Days sales outstanding (based on 365-day year): 31.5 days
Inventory turnover ratio: 5.0
Do not round intermediate calculations. Round your answers tothe nearest whole dollar.
Partial Income Statement
Information
Sales $
Cost of goods sold $
Balance Sheet
Cash $   Accounts payable $
Accounts receivable    Long-term debt   50,000
Inventories    Common stock
Fixed assets    Retained earnings   100,000
Total assets $  400,000 Total liabilities and equity $

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Total Asset Turnover Sales Total Assets 280 Sales 400000 Sales 1120000 Gross Profit Margin Sales Cost of Goods Sold Sales 023 1120000 Cost of Goods Sold 1120000 257600 1120000 Cost of Goods Sold Cost of Goods See Answer

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Problem 3-11Balance Sheet AnalysisComplete the balance sheet and sales information in the tablethat follows for J. White Industries using the following financialdata:Total assets turnover: 2.8Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =23%Total liabilities-to-assets ratio: 60%Quick ratio: 0.90Days sales outstanding (based on 365-day year): 31.5 daysInventory turnover ratio: 5.0Do not round intermediate calculations. Round your answers tothe nearest whole dollar.Partial IncomeStatementInformationSales$ Cost of goods sold$ Balance SheetCash$ Accounts payable$ Accounts receivable Long-term debt 50,000Inventories Common stock Fixed assets Retained earnings 100,000Total assets$ 400,000Total liabilities and equity$

Partial Income	Statement Information
Sales	$
Cost of goods sold	$

Cash	$	Accounts payable	$
Accounts receivable		Long-term debt	50,000
Inventories		Common stock
Fixed assets		Retained earnings	100,000
Total assets	$ 400,000	Total liabilities and equity	$