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Need help answering the last question in red. regarding how many days. The company has provided the following trial balance dated December 31, 2018. $
Need help answering the last question in red. regarding how many days.
The company has provided the following trial balance dated December 31, 2018. $ 45,000 30,000 127,000 $ 5,200 255.000 2.100 6.930 1,795.000 793,000 66,800 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2018 Cash Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense Office supplies expense Insurance expense Utilities expense Depreciation expense Income tax expense 64.000 7.700 72.000 970,000 234,200 5,800 1.653.170 957.000 240 8.800 386,000 500 6,000 2,700 44,000 72.000 $3,805,070 $3,805,070 n. Using the financial statements prepared in part k, determine approximately how many days it takes to convert the company's inventory into cash. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number.) Number of days The company has provided the following trial balance dated December 31, 2018. $ 45,000 30,000 127,000 $ 5,200 255.000 2.100 6.930 1,795.000 793,000 66,800 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2018 Cash Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense Office supplies expense Insurance expense Utilities expense Depreciation expense Income tax expense 64.000 7.700 72.000 970,000 234,200 5,800 1.653.170 957.000 240 8.800 386,000 500 6,000 2,700 44,000 72.000 $3,805,070 $3,805,070 n. Using the financial statements prepared in part k, determine approximately how many days it takes to convert the company's inventory into cash. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number.) Number of daysStep by Step Solution
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