Balance Sheet Analysis: Complete the balance sheet and sales information on the table that follows for J. White Industries using the following financial data:
Total assets turnover: 1.5
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 25%
Total liabilities-to-assets ratio: 40%
Quick ratio: 0.80
Days sales outstanding (based on 365-day year): 36.5 days
Inventory turnover ratio: 3.75
Partial Income Statement Information
Sales _______
Cost of goods sold _______
Balance Sheet
Cash _____ Accounts payable _____
Accounts receivable _____ Long-term debt 50,000
Inventories _____ Common Stock _____
Fixed assets _____ Retained earnings 100,000
Total assets $400,000 Total liabilities and equity _____