Complete the balance sheet and sales information that follows usingthe following

Question

Complete the balance sheet and sales information that follows usingthe following financial data:
Debt ratio: 50% Current ratio: 1.8X Total assets turnover: 1.5X Days sales outstanding: 36.5 days(a) Gross profit margin on sales:(Sales-Cost of goods sold)/Sales= 25% Inventory turnover ratio:5X
(a) Calculation is based on a 365-day year
BALANCE SHEET Cash      _____________ Accountspayable ____________ Accounts Receivable _____________ Long-term debt    60,000_____ Inventories    ____________    Common stock    ____________ Fixed assets    _____________    Retained earnings    97,500____ Total Assets    $300,000    Total liabilities and equity ____________ Sales    _________ Cost ofGoods sold _____________  


Debt ratio: 50% Current ratio: 1.8X Total assets turnover: 1.5X Days sales outstanding: 36.5 days(a) Gross profit margin on sales:(Sales-Cost of goods sold)/Sales= 25% Inventory turnover ratio:5X
(a) Calculation is based on a 365-day year
BALANCE SHEET Cash      _____________ Accountspayable ____________ Accounts Receivable _____________ Long-term debt    60,000_____ Inventories    ____________    Common stock    ____________ Fixed assets    _____________    Retained earnings    97,500____ Total Assets    $300,000    Total liabilities and equity ____________ Sales    _________ Cost ofGoods sold _____________  

Explanation / Answer

Complete the balance sheet and sales information that follows usingthe following

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