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Happy Industries Annual Income Balance Sheet: June 30, 2019 (000's) June 30, 2018 Statement (000's) Assets Liabilities and Equity (Year-ended 6/30/19) Cash $100 $300 Accounts
Happy Industries Annual Income Balance Sheet: June 30, 2019 (000's) June 30, 2018 Statement (000's) Assets Liabilities and Equity (Year-ended 6/30/19) Cash $100 $300 Accounts Payable $300 $320 Sales $6,000 Receivable $800 $650 Notes Payable $950 $1350 COGS -4,500 Inventory $850 $970 Long-term Debt $950 $750 G&A - 900 Net Fixed $2650 $2400 Common Stock $250 $150 EBIT $ 600 Retained Earnings $1950 $1750 Interest -200 TOTAL $4400 S4320 Total Equity $2200 $1900 EBT $ 400 TOTAL $4400 S4320 Tax $ -100 Net Income $ 300 4. Derive the working capital conversion cycle in days for the firm as of the most recent year. Apply period-ending balance sheet values, "good" accounting and a 365-day year. How could management reduce the cycle without adversely impacting sales
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