You are trying to prepare financial statements for Bartlett Pickle Company

You are trying to prepare financial statements for Bartlett Pickle

Company but seem to be missing its balance sheet. You have Bartletts

income statement which shows sales last year were $420 million with a

gross profit margin of 40 percent. You also know that credit sales equaled

three-quarters of Bartletts total revenues last year. In addition Bartlett had

a collection period of 55 days a payables period of 40 days and an

inventory turnover of eight times based on the cost of goods sold. Calculate

Bartletts year-ending balance for accounts receivable inventory and accounts payable.