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Problem 3 (25 points) Given below are comparative Balance Sheets and Income Statement for GHI Corporation GHI Corp Income Statement for year ended 31 December
Problem 3 (25 points) Given below are comparative Balance Sheets and Income Statement for GHI Corporation GHI Corp Income Statement for year ended 31 December 2018 GHI Corp Balance Sheets- Year 2018 Dec 31 Jan 1 180.900 123.000 57.900 19.800 38.100 2.300 Cash 23.000 22.000 Cost of the goods sold 48.000 63.200 43.000 37.500 Gross profit 46.7001 Operating expenses 2.500Operating income Equipment (net) 177.200 138.700 Interest expenses & income taxes Accounts payable Dividends payable Capital stock Retained earnings 3.500 12.000 50.000 2.800 10.000Net Income 35.800 50.000 75.900 138.700 111.700 177.200 Compute the following. Show solutions (a) Inventory Turnover times (5 points) (b) Days to Sell Inventory days (5 points) (c) Receivables Turnover times (5 points) Days to Collect Receivables (d) days (5 points) (e) Operating Cycle days (5 points)
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