CENGAGE | MINDTAP

Ch 04- End-of-Chapter Problems - Analysis of Financial Statements

Attempts

Average/9

1. Problem 4.22 (Balance Sheet Analysis)

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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: 3.75x

Fixed assets turnover: 3.0x

Current ratio: 2.0x

Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 15%

*Calculation is based on a 365-day year.

Do not round intermediate calculations. Round your answers to the nearest dollar.

Cash

Accounts receivable

Inventories

Fixed assets

Total assets

Sales

$

$

Balance Sheet

$360,000

Current liabilities

Long-term debt

Common stock

Retained earnings

Total liabilities and equity

Cost of goods sold

Grade it Now

$

$

$

72,000

108,000

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