Question
12. The following financial information is available for Galveston Industrial, Inc. Galveston uses the FIFO inventory method. Consolidated Statements of Ops (USD $) In Thousands
12. The following financial information is available for Galveston Industrial, Inc. Galveston uses the FIFO inventory method.
Consolidated Statements of Ops (USD $) | |||
In Thousands | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
NET SALES | $768,451 | $650,867 | $503,443 |
Cost of sales | $587,962 | $489,140 | $379,890 |
GROSS PROFIT | $180,489 | $161,727 | $123,553 |
Selling and administrative expenses | $176,114 | $144,058 | $119,994 |
Other operating expense, net | $1,709 | $934 | $129 |
Facility consolidation expenses | $10,421 | $0 | $0 |
Impairment of assets | $2,141 | $0 | $0 |
OPERATING INCOME (LOSS) | ($9,896) | $16,736 | $3,430 |
Interest expense | $8,131 | $7,099 | $5,946 |
Other (income) expense, net | ($291) | $49 | ($524) |
Gain on purchase of businesses | ($20,998) | $0 | $0 |
Refinancing expenses | $0 | $178 | $0 |
INC (LOSS) FROM CONT OPS BEFORE TAXES | $3,262 | $9,410 | ($1,992) |
Income tax provision (benefit) | $1,990 | ($1,091) | ($758) |
INCOME (LOSS) FROM CONTINUING OPS | $1,272 | $10,501 | ($1,234) |
Loss from discontinued operations, net of tax | ($1,149) | ($503) | ($518) |
Loss on disposal of disc ops, net of tax | ($2,773) | $0 | $0 |
NET INCOME (LOSS) | ($2,650) | $9,998 | ($1,752) |
Consolidated Balance Sheets | Dec. 27, 2014 | Dec. 28, 2013 | |
In Thousands | |||
CURRENT ASSETS | |||
Cash and cash equivalents | $745 | $482 | |
Receivables, net | $95,490 | $83,279 | |
Inventories | $196,951 | $176,184 | |
Prepaid expenses | $11,283 | $10,641 | |
Deferred income taxes | $24,045 | $12,516 | |
TOTAL CURRENT ASSETS | $328,514 | $283,101 |
|
PROPERTY, PLANT AND EQUIPMENT, NET | $193,704 | $140,777 | |
OTHER ASSETS | $46,445 | $46,479 | |
TOTAL ASSETS | $568,663 | $470,357 | |
CURRENT LIABILITIES | $0 | $0 | |
Accounts payable | $41,784 | $40,973 | |
Accrued expenses | $55,390 | $49,522 | |
Current portion of long-term debt | $17,157 | $11,773 | |
TOTAL CURRENT LIABILITIES | $114,332 | $102,268 | |
LONG-TERM DEBT | $223,417 | $192,325 | |
DEFERRED INCOME TAXES | $17,721 | $7,696 | |
OTHER LONG-TERM LIABILITIES | $37,467 | $34,311 | |
TOTAL LIABILITIES | $392,937 | $336,600 |
A Estimate how long, on average, it took Galveston Industrial to pay its inventory suppliers in 2014
B Refer to the financial information for Galveston Industrial, Inc. Estimate how long, on average, it took Galveston to collect cash from customers. Choose the best answer rounded to a whole number.
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