Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sales for the year were $84,000 and cost of goods sold were $67,200. The balance sheet at the end of the year is given below:
Sales for the year were $84,000 and cost of goods sold were $67,200. The balance sheet at the end of the year is given below: Assets Cash Accounts receivable Inventory Current assets Machines Real estate Net fixed assets Total assets 13,000 7,000 38,000 58,000 34,000 80,000 114,000 172,000 Liabilities and Equity Accounts payable 20,000 Current liabilities 20,000 Long-term debt 95,000 Total liabilities 115,000 Paid-in capital 20,000 Retained earnings 37,000 Equity 57,000 Total liab. & equity 172,000 Part 1 Attempt 1/10 for 10 pts. What is the firm's days' sales in inventory? 0+ decimals Submit Attempt 1/10 for 10 pts. Part 2 What is the firm's days' sales in receivables? 1+ decimals
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