Question

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1x Days sales outstanding: 36.5 days Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales - 30% aCalculation is based on a 365-day year. Do not round Intermediate calculations. Round your answers to the nearest dollar Balance Sheet Cash $ $ Current liabilities 78,000 Accounts receivable Long-term debt Inventories Common stock Fixed assets Retained earnings 136,500 $ Total assets $390,000 Total liabilities and equity Sales $ Cost of goods sold

Answer 1

Working Notes N Asset Turnover Sale = sale 3 9ouw 21 Total Asset Sale = $ 390000 Days Scler outstanding Account Receivable X 365 = 365 Sale Account Receivable 365= 365 39000u Account Receivable = $ 39000

Gooss Profit Sale Cous xloo = 30 % Scle 390000 - COGS 3900uo makes 0:30 C Coas = 0.30 x 39000 -39ouuu f COGS 727oou COGS N $ 273000

Inventory Turname Cous 4 Inuenitung 27300 ч z Inventory Inventory z $ 68250 Fixed Asset Tunones sale 3.0 fixed Asset 390000 = 3.0 fixed Asset fixed Asset $ 130000

Cain - Total Asset - Receivible - Inventing a fixed Asset 39000 39ooo 68250 - 130000 $ 152750 Total Asset fixed Asset Current Asset 1 2 23960vo - 1300UJ $ 26 000

Current Ratio Current Asset 2 Current Licbilita > 260ovo 22 Current licbilities Current licbilities 2813 $13 0000

Balance Sheet Can 152750 Current Liabilities 130000 Account Receivable 39000 Long term clebt 78000 Inventorien 68250 Commin stock 455oo fixed asset 130000 | Retained Earnings 136500 Total Asset 39oooo Total Lichilities and 39000 Equity Sales $ 39000 Coas $ 273000