Complete the balance sheet and sales information using the f

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 43 daysa Inventory turnover ratio: 5x Fixed assets turnover: 3.5>x Current ratio: 2x Gross profit margin on sales: (Sales-Cost of goods sold)/Sales = 20% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 48,750 81,250 $325,000

Solution

Total Asset Turnover ratio 1.1 Balance Sheet days Sales Outstanding\' 43 Cash (BF) 1,23,541 CL 1,11,429 Inventory Turnover 5 AR 42,116 Long Term Debt 48750 FA Turnover Inventories 57,200 Common Stock(BF) 1,32,321 FA 1,02,143 RE 81250 Total 325000 Total 325000 Sales 357500 COGS 286000 Working Notes: Total Asset Turnover Ratio 1.1 Turnover/Total Assets 1.1 Current Ratio 2.00 Turnover/325000 1.1 CA/CL 2.00 Turnover 357500 222857/CL 2.00 CL 1,11,429 GP Ratio 20% (Sales-COGS)/Sales 20% (357500-COGS)/357500 20% (357500-COGS) 71500 286000 COGS FA Turnover Ratio 3.5 Turnover/Total FA 3.5 357500/Total FA 3.5 1,02,142.86 Total FA Inventory Turnover Ratio 5 COGS/Total Inven 5 286000/Total Inve 5 57,200.00 Total FA Days Sales 43 365/Debtor Turnover Ratio 43 Debtor Turnover Ratio 8.49 Turnover/Total Debtor 8.49 357500/Total AR 8.49 Total AR 42116.44