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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

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 11, 2022

Cash and marketable securities

$112,000

Accounts receivable

$325,000

Inventories

$426,000

Prepaid expenses

$10,700

Total current assets

$873,700

Gross fixed assets

$1,514,000

Less: accumulated depreciation

$315,000

Net fixed assets

$1,199,000

Total assets

$2,072,700

Accounts payable

$211,000

Notes payable

$51,500

Accrued expenses

$50,100

Total current liabilities

$312,600

Long-term debt

$225,000

Par value and paid-in-capital

$117,000

Retained Earnings

$1,418,100

Common Equity

1,535,100

Total liabilities and owners equity

$2,072,700

Income Statement, Year of 2013

Net sales (all credit)

$3,256,600.00

Less: Cost of goods sold

$2,572,714.00

Selling and administrative expenses

$323,000.00

Depreciation expense

$115,000.00

EBIT

$245,886.00

Interest expense

$29,600.00

Earnings before taxes

$216,286.00

Income taxes

$86,514.40

Net income

$129,771.60

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