a) Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate operating cycle Round the answers to two decimal places Balance Sheet December 31, 2011 Accounts payable $278.000 Cash and marketable $143,000 securities Accounts $354,000 receivable Inventories $672,000 Prepaid expenses $12,500 Total current $1.181.500 assets Gross fixed assets $1,675,000 Less: accumulated depreciation ted $500,000 Net fixed assets $1,175,000 Notes payable $87.000 Accrued expenses $65.000 Total current $430,000 liabilities Long-term debt $284,000 Par value and paid-in-capital $228.000 Retained Earnings $1,414,500 Common Equity : 1,642,500 Total liabilities and owner's $2.356,500 equity Total assets $2,356,500 Income Statement Year of 2011 Net sales (all credit) $3,136,600.00 Less: Cost of goods $2,195,620.00 sold Selling and administrative $345.000.00 expenses Depreciation $146,000.00 expense EBIT $449.980.00 Interest expense $45,300.00 Earnings before taxes $404,680.00 Income taxes $161,872.00 Net Income $242,808.00 Your