Question

Complete the balance sheet and sales Information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 32.5 days Inventory turnover ratio: 6x Fixed assets turnover: 2.5x Current ratio: 2.3x 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 30,000 Inventories Common stock Fixed assets Retained earnings 60,000 Total assets $200,000 Total liabilities and equity Sales Cost of goods sold

Answer 1

rate positively ..

	Balance sheet
Cash	61,244.29	(b/f)	Current liabilities		48,695.65
					(cash+AR+Inventory)/2.3
Account receivable	19,589.04		Long term debt		30000
	=32.5*220000/365
inventories	31,166.67		Common stock		61,304.35	(B/f)
	=187000/6
Fixed asset	88,000.00		retained earning		60,000.00
	=220000/2.5
Total asset	200,000.00		Total liabilities and equity		200,000.00
Sales	220,000.00		Cost of goods sold		187,000.00
	=200000*1.1				=220000*(1-15%)