Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Intro Sales for the year were $80,000 and cost of goods sold were $64,000. The balance sheet at the end of the year is given
Intro Sales for the year were $80,000 and cost of goods sold were $64,000. The balance sheet at the end of the year is given below: Assets Cash 12,000 Accounts receivable Inventory Current assets Machines Real estate Net fixed assets 6,000 39,000 57,000 34,000 80,000 114,000 171,000 Liabilities and Equity Accounts payable 22,000 Current liabilities 22,000 Long-term debt 95,000 Total liabilities 117,000 Paid-in capital 20,000 Retained earnings 34,000 Equity 54,000 Total liab. & equity 171,000 Total assets 18 Attempt 1/6 for 10 pt Part 1 What is the firm's days' sales in inventory? 0+ decimals Submit 8 Attempt 1/6 for 10 pt Part 2 What is the firm's days' sales in receivables? 1+ decimals Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started