Balance Sheet Analysis Complete the balance sheet and sales information in the t

Question

Balance Sheet Analysis Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data: Total assets turnover: 2.4 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 29% Total liabilities-to-assets ratio: 40% Quick ratio: 1.25 Days sales outstanding (based on 365-day year): 34.5 days Inventory turnover ratio: 3.0 Do not round intermediate calculations. Round your answers to the nearest whole dollar. Partial Income Statement Information Sales $960,000.00 Cost of goods sold $ 681,600.00 Balance Sheet Cash $46,760.27 Accounts payable $ 110,000.00 Accounts receivable $90,739.73 Long-term debt $50,000 Inventories $320,000 Common stock $140,000.00 Fixed assets $320,000 Retained earnings $100,000 Total seats $400,000 Total liabilities and equity $400,000.00

Explanation / Answer

inventory turnover= cost of good sold/Avg inventory
3= 681600/avg inv
inv=681,600/3=$227,200

Fixed assets+cash+acc rec+inv= Total assets
Fixed assets=400,000-(364,700)=$35,300

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