Comparative Balance Sheet December 31, 2018 and 2017 Increase |(Decrease) 2018 2017 Current Assets: 6,500 $ (1,200) |(1,400) 5,300 $ Cash and cash equivalents Accounts receivable 25,100 26,500 89,700 Inventory 91,500 1,800 Fixed Assets: 28,600 Land 89,700 61,100 54,700 49,000 5,700 Equipment, net 33,500 266,300 $ 232,800 $ $ Total Assets Current Liabilities: (4,200) Accounts payable 30,900 $ 35,100 $ 30,600 Accrued liabilities 28,400 2,200 Long-Term Liabilities: 73,000 (26,000) Notes payable 99,000 Stockholders' Equity: 23,900 37,600 Common stock 88,500 64,600 43,300 5,700 Retained eanings 33,500 266,300 $ 232,800 $ S Total Liabilities and Stockholders' Equity Requirement 1. Calculate the cash conversion cycle for Consolidated Services. Round all calculations to two decimal places. Assume all sales are on credit. (Use a 365-day year for computations. Do not round any intermediary calculations, but then round each amount you enter into the table below to two decimal places, X.XX. Abbreviation used: A/P accounts payable; A/R accounts receivable.) Cash conversion Receivable collection Days-sales-in-inventory A/P payment period period cycle 1. Calculate the cash conversion cycle for Consolidated Services. Round all calculations to two decimal places. Assume all sales are on credit. 2. Comment on Consolidated Services' cash conversion cycle, assuming it was 92.45 days for the prior year. Year Ended November 30, 2018 Revenues: $ 304,000 Sales revenue 11,000 Dividend revenue $315,000 Total revenues Expenses: $103,000 Cost of goods sold Salaries expense 55,000 Depreciation expense 28,000 Advertising expense 16,000 Interest expense 6,000 9,000 Income tax expense 217,000 Total expenses $ 98,000 Net income