Carmax, Inc. Income Statement Years Ended February 28, 2011 and February 28, 2010 (in millions) 2011 2010 $8.976 7574 $1,302 905 $397 $7.470 6.371 $1,099 819 S280 Net sales Cost of goods sold Gross margin Selling and administrative expenses Operating income Interest expense Other income (expenses; net) Income before taxes Income tax expense Net income 220 S 614 176 $ 453 171 S282 Carmax, Inc. Balance Sheet February 28, 2011 and February 28, 2010 (in millions) 2011 2010 S 18 $ 202 120 1,049 682 843 Assets Current assets Cash and cash equivalents Accounts receivable (net) Merchandise inventory Other current assets Total current assets Noncurrent assets Property, plant and equipment (net) Other assets Total assets 39 $1,410 $1.556 920 894 106 4510 $6,840 $ 2.556 $ 373 $ 348 123 5 508 Liabilities and shareholders'equity Current liabilities Accounts payable and other liabilities Short-term debt Income taxes payable and deferred taxes Total current liabilities Noncurrent abilities Long-term debt Other liabilities Shareholders' equity Common stock Retained earnings Total liabilities and shareholders' equity 3.909 1,358 56.8.10 1,076 $2356 QUESTION 1 The link below will carry you to comparative Income statements (2010 & 2011) and balance sheets (2010 & 2011) for Carmax, Inc. These statements will be used for Problem and Problem 2 CARMAX-Ein Stats for Mod Seven P&D Quiz.docx Using an EXCEL spreadsheet, determine the Cash Conversion Cycle for 2011. Logically and neatly, show your work steps, and highlight in yelow the cell containing your answer Attache Browse My Computer Breme nt Conson