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, 2012 Accounts payable $288,000 Notes payable $65,000 Accrued expenses $84,000 Total current $437,000 Cash and marketable $198,000 securities Accounts $469,000 receivable Inventories $577,000 Prepaid expenses $15,700 Total current $1,259,700 assets Gross fixed assets $1,954,000 Less: accumulated $476.000 depreciation Net fixed assets $1,478,000 liabilities Long-term debt $237,000 Par value and $199,000 paid-in-capital Retained Earnings $1,864,700 Common Equity 2,063,700 Total liabilities and owner's $2,737,700 equity Total assets $2,737,700 Income Statement. Year of 2012 Net sales (all credit) $7,546,600.00 Less: Cost of goods $6.112,746.00 sold Selling and administrative $349,000.00 expenses Depreciation $145,000.00 expense EBIT $939,854.00 Interest expense $49,500.00 Earnings before $890,354.00 taxes Income taxes $356,141.60 Net income $534,212.40