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Luther Industries had sales of $980 million and a cost of goods sold of $560 million in 2019. A simplified balance sheet for the firm
Luther Industries had sales of $980 million and a cost of goods sold of $560 million in 2019. A simplified balance sheet for the firm appears below: Luther Industries Balance Sheet As of December 31, 2019 (millions of dollars) Assets Cash Accounts receivable Inventory Total current assets Net plant, property, and equipment Total assets Liabilities and Equity 25 Accounts payable 85 Notes payable 90 Accruals 200 Total current liabilities 60 425 45 530 6100 Long term debt 2725 6300 3255 3045 Total liabilities Common equity Total liabilities and equity 6300 Luther's accounts receivable days is closest to 32 days 39 days 42 days 59 days
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