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Hi I need help answering the following question The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the
Hi I need help answering the following question
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales $7,969 Cost of goods sold 4,787 Selling and administrative expense 1,929 Interest expense 436 Income before taxes 817 Net income 478 Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets 12/31/2021 $ 995 1,30 1,075 13,520 $16,620 12/31/2020 66 684 539 3,864 $5,153 Total current liabilities Long-term debt Total liabilities Total stockholders' equity $ 5,767 5,611 $11,378 $ 5,242 $2,229 2,241 $4,470 $ 683 Required: Compute the average collection period for 2021. (Round your final answer to 1 decimal place.) Average collection period days The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales $8,109 Cost of goods sold 4,927 Selling and administrative expense 2,069 Interest expense 576 Income before taxes 537 Net income 618 Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets 12/31/2021 $ 1,135 1,170 1,215 13,660 $17,180 12/31/2020 $ 80 824 679 4,004 $5,587 Total current liabilities Long-term debt Total liabilities Total stockholders' equity $ 5,907 5,751 $11,658 $ 5,522 $2,369 2,381 $4,750 $ 837 Required: Compute the average days in inventory for 2021 (Round your final answer to 1 decimal place.) Average days in inventory days Step by Step Solution
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