70.2K
Verified Solution
Link Copied!
Complete the balance sheet and sales information in the table that follows for Mendy Industries using the following financial data:
Total assets turnover: 2 Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 21% Total liabilities-to-assets ratio: 45% Quick ratio: 1.15 Days sales outstanding (based on 365-day year): 31.5 days Inventory turnover ratio: 6.0
Do not round intermediate calculations. Round your answers to the nearest whole dollar.
| 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 | $ |
Answer & Explanation
Solved by verified expert
