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Galaxy United, Inc. 2009 Income Statement ($ in millions) Net sales $8,500 Less: Cost of goods sold 7,190 Less: Depreciation 410 Earnings before interest and

Galaxy United, Inc. 2009 Income Statement ($ in millions)
Net sales $8,500
Less: Cost of goods sold 7,190
Less: Depreciation

410

Earnings before interest and taxes 900
Less: Interest paid

82

Taxable Income 818
Less: Taxes

286

Net income

$ 531

Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in millions)

2008

2009

2008

2009

Cash $ 120 $ 150 Accounts payable $1,110 $1,130
Accounts rec. 940 780 Long-term debt 990 1,270
Inventory

1,480

1,520

Common stock $3,130 $2,930
Sub-total $2,540 $2,450 Retained earnings

500

730

Net fixed assets

3,190

3,610

Total assets

$5,730

$6,060

Total liab. & equity

$5,730

$6,060

What is the days' sales in receivables? (use 2009 values)

80.941.033.522.047.4

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