Data Table the Smith 2018 income statement and balance sheet follows (Click the icon to view the assets section of the balance sheet) (Click (Click the icon to view the liabilities and stockholders' equity sections of the balance sheet) Read the requirements Smith Corporation Balance Sheet (Adpated) December 31, 2018 and 2017 a. Use the income statement and the balance sheet to calculate Smith's rate of inventory turnover and days' inventory outstanding for 2018 Begin by selecting the formula and then enter the amounts to calculate inventory turnover (Enter currency amounts in millions as given in the question Round the inventory turnover to two decimal places, X Increase (Decrease) Amount Percentage 2018 (Dollar amounts in millions) Liabilities and Stockholders' Equity 2017 Inventory tumover Data Table 960 5 890 5 70 Current liabilities: Accounts payable Income tax payable Short-term debt 15 75 30 7.9 % (400) 87 125 115 10 Smith Corportion Balance Sheets (Adapted) December 31, 2018 and 2017 Other TO 75 (5 (67) Total current liabilities 1.200 1.155 45 3.9 Increase (Decrease) Amount Percentage Long-term debt 2.997 1098 2018 2017 6.280 1.110 3291 110 Other liabilities 1.000 110 8.598 5.152 3446 55.9 $ 1,280 $ 920 $ Total llabilities Stockholders' equity: Common stock 360 76 2 (Dollar amounts in millions) Assets Current assets: Cash and cash equivalents Short-term investments Receivables, net Inventories Prepaid expenses and other assets Total current assets Property, plant and equipment, net Intangible assets (66) (70) 39.1 % (868) (26.9) 222.9 260 10 190 226 274 (119) Retained earnings Accumulated other comprehensive loss) 1436 140) 1 630 130 194) 00 70 222 156 (66) 340 1 290 Total stockholders equity 1452 (194) (106) 1.980 1.666 314 5 9.896.5 6,60.15 Total liabilities and stockholders equity 1983 6,088 2.748 18 8 823 15 9 3.340 878 720 140 Print 1,018 810 Done 90 Other assets 125 Choose from any list or enter any number in the input fields and then click Check $ 9,896 S 6,604 S 3,292 Total assels 49.8 96 parts 6 remaining Check Answer HE Type here to search O 97 0 9:41 PM 6/22/2031 er currency amounts in millions as given in the question Round the inventory turnover to two decimal places XXX) Data Table 1 Requirements Smith Corporation Statements of Income (Adapted) Year Ended December 31, 2018 and 2017 (Dollar amounts in millions) 2018 2017 Net revenues S 9,900 $ 3,700 9,050 4,700 Use the income statement and the balance sheet to calculate the following a. Smith's rate of inventory turnover and days' inventory outstanding for 2018. b. Days' sales in average receivables (days' sales outstanding) during 2018 (round dollar amounts to one decimal place). Assume all sales are made on account. c. Accounts payable turnover and days' payables outstanding for 2018. For this purpose, assume that the impact of inventories on cost of goods sold is immaterial, allowing you to use cost of goods sold rather than purchases in your computations. d. Length of cash conversion cycle in days for 2018 Do these measures look strong or weak? Give the reason for your answer Cost of goods sold Gross profit General and administrative expenses Income from operations 6.200 3.100 4,350 3.100 1,250 3.100 620 140 Interest expense, net Income before income taxes 2.480 1.110 260 Provision for income taxes 995 Print Done S 1.485 $ 850 Net income Print Done