Question
Corporation reported the following financialstatements: Financial Statements Trust Corporation Comparative Balance Sheet December 31, 2025 and 2024 2025 2024 Assets Current Assets: Cash and Cash
Corporation reported the following financialstatements:
Financial Statements
Trust Corporation
Comparative Balance Sheet
December 31, 2025 and 2024
2025
2024
Assets
Current Assets:
Cash and Cash Equivalents
$
2,359
$
1,923
Accounts Receivable
1,828
1,596
Merchandise Inventory
1,348
1,058
Prepaid Expenses
1,633
1,867
Total Current Assets
7,168
6,444
Other Assets
17,282
16,492
Total Assets
$
24,450
$
22,936
Liabilities
Current Liabilities
$
7,113
$
8,406
Long-term Liabilities
4,799
2,528
Total Liabilities
11,912
10,934
Stockholders' Equity
Common Stock, no par
5,738
6,402
Retained Earnings
6,800
5,600
Total Stockholders' Equity
12,538
12,002
Total Liabilities and Stockholders' Equity
$
24,450
$
22,936
Trust Corporation
Income Statement
Year Ended December 31, 2025
Net Sales Revenue
$
25,680
Cost of Goods Sold
10,827
Gross Profit
14,853
Operating Expenses
7,245
Operating Income
7,608
Interest Expense
206
Income Before Income Taxes
7,402
Income Tax Expense
2,587
Net Income
$
4,815
Assume all sales are on credit. During 2025, Trust'sdays' sales in receivables ratio was(amounts rounded)
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