Fixed assets turnover: 2.5x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ $330,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ $ 49,500 115,500

Fixed assets turnover: 2.5x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ $330,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ $ 49,500 115,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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omplete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 1.7Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25%Total liabilities-to-assets ratio: 45%Quick ratio: 1.00Days' sales outstanding (based on 365-day year): 36.5 daysInventory turnover ratio: 3.25 Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income Statement Information Sales $ Cost of goods sold Balance Sheet Assets Liabilities and Equity 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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