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Question 31 (14 points) Saved The balance sheet for Iguazu Corporation is given below. Sales for the year were $2,105,000, with 80% of sales sold on credit. The cost of sales for the year were $1,184,000. Assets Cash Accounts receivable Inventory Current assets Plant and equipment Total assets Iguazu Corporation Balance Sheet as per Dec 15, 2021 Liabilities and Shareholders' Equity 90,000 Accounts payable 200,000 250,000 Accrued taxes 32,000 280,000 Accrued salaries 93,000 620,000 Current liabilities 325,000 890,000 Mortgage 455,000 1,510,000 Total liabilities 780,000 Common stock 350,000 Retained earnings 380,000 Total shareholders' equity 730,000 Totl liabilities and shareholders' equity 1,510,000 Assume that there are 365 days in a year. Calculate the requested information and fill out the blanks below accordingly. All questions relate to the original information unless explicitly stated otherwise. Submit your calculations to the dropbox after the exam. a) Blank #1: Calculate the average collection period (l.e. A/R holding period). Round UP to whole dollar amount (O decimal). b) Blank #2: Calculate accounts payable period. Round Up to whole dollar amount (o decimal) c) Blank #3: Calculate the cash conversion cycle. 3 26 d) Blank #4: Briefly interpret the result in c): What does the number mean for Iguazu G Question 31 (14 points) Saved The balance sheet for Iguazu Corporation is given below. Sales for the year were $2,105,000, with 80% of sales sold on credit. The cost of sales for the year were $1,184,000. Assets Cash Accounts receivable Inventory Current assets Plant and equipment Total assets Iguazu Corporation Balance Sheet as per Dec 15, 2021 Liabilities and Shareholders' Equity 90,000 Accounts payable 200,000 250,000 Accrued taxes 32,000 280,000 Accrued salaries 93,000 620,000 Current liabilities 325,000 890,000 Mortgage 455,000 1,510,000 Total liabilities 780,000 Common stock 350,000 Retained earnings 380,000 Total shareholders' equity 730,000 Totl liabilities and shareholders' equity 1,510,000 Assume that there are 365 days in a year. Calculate the requested information and fill out the blanks below accordingly. All questions relate to the original information unless explicitly stated otherwise. Submit your calculations to the dropbox after the exam. a) Blank #1: Calculate the average collection period (l.e. A/R holding period). Round UP to whole dollar amount (O decimal). b) Blank #2: Calculate accounts payable period. Round Up to whole dollar amount (o decimal) c) Blank #3: Calculate the cash conversion cycle. 3 26 d) Blank #4: Briefly interpret the result in c): What does the number mean for Iguazu G