Transcribed Image Text
Balance Sheet AnalysisComplete the balance sheet and sales information in the tablethat follows for J. White Industries using the following financialdata:Total assets turnover: 2Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =24%Total liabilities-to-assets ratio: 55%Quick ratio: 0.75Days sales outstanding (based on 365-day year): 36.5 daysInventory turnover ratio: 5.0Do not round intermediate calculations. Round your answers tothe nearest whole dollar.Partial IncomeStatementInformationSales$ Cost of goods sold$ Balance SheetCash$ Accounts payable$ Accounts receivable Long-term debt 50,000Inventories Common stock Fixed assets Retained earnings 100,000Total assets$ 400,000Total liabilities and equity$