Question

Complete the balance sheet and sales information using the following financial data:

Total assets turnover: 1.3x
Days sales outstanding: 40 days^a
Inventory turnover ratio: 4x
Fixed assets turnover: 3x
Current ratio: 1.5x
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15%
^aCalculation 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 $55,000
inventories	common stock
fixed assets	retained earnings $82,500
total assets $275,000	total liabilities and equity
sales	cost of goods sold

Answer 1

cash	40686.50	current liabilities	103888.89
accounts receivable	39178.08	long-term debt	55000
inventories	75968.75	common stock	33611.11
fixed assets	119166.67	retained earnings	82500
total assets	275000.00	total liabilities and equity	275000.00
sales	357500.00	cost of goods sold	303875

1 2 3 4 5 6 A cash accounts receivable inventories fixed assets total assets sales current liabilities long-term debt common stock =B5-SUM(B2:34) =B6*40/365 =D6/4 =B6/3 275000 =B5*1.3 =SUM(B1:B3)/1.5 55000 =D5-D1-D2-D4 82500 =B5 =B6*85% retained earnings total liabilities and equity cost of goods sold