Question

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1x Days sales outstanding: 42 days Inventory turnover ratio: 6x Fixed assets turnover: 3.5x Current ratio: 1.7x 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 answer to the nearest cent. Balance Sheet Cash Current liabilities Accounts receivable Long-term debt 75,000 Inventories Common stock Fixed assets 93.750 Retained earnings Total liabilities and equity Total assets $375,000 Sales Cost of goods sold

Answer 1

Cash 171581 Current liabilities 157563 Accounts Receivables 43151 Long term debt 75000 53125 Common stock Inventories 48687 107143 Retained earnings Fixed assets 93750 375000 Total liabilities & equity Total assets 375000 Sales 375000 COGS 318750 Sales/365*42 AR COGS/6 Inventories Sales/3.5 Fixed asset turnover Sales ets 1 Cash Total Assets AR - Inventories Fixed Assets Current liabilities (Cash +AR + Inventory)/1.7 Common stock Total Assets LT Debt CL Retained earnings