Complete the balance sheet and sales information that follows using the following financial data:
Debt Ratio: 50%
Total assets turnover:1.5x
Days sales outstanding: 36.5 days
Gross profit margin on sales: (Sales-Cost of goods sold)/Sales=25%
Inventory turnover ratio:5x
Calculation is bases ona 365-day year.
Cash ____________ Acount payable _____________
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 of goods sold __________© BrainMass Inc. brainmass.com December 24, 2021, 7:20 pm ad1c9bdddf
Different ratios are calculated to complete balance sheet and sales information.Word file contains formulas and calculation and completed balance sheet and sales information.