Shopit Incorporated Financial Statement Information Balance Sheets At December 31 2016 2015 Current Assets Cash $5,950 $988 Accounts receivable 3,058 4,645 Inventories 18,578 19,188 Total current assets $27,586 $24,822 Long term investments 263 302 Property, plant, and equipment, net 14,843 16,831 Other long term assets 3,304 4,642 Total assets $45,996 $46,597 Income Statement Year ended December 31 Sales Cost of goods sold Selling, general, & admin. Other Interest expense Misc. gains, losses, & expenses Net income (Loss) 2016 $101,231 (75,589) (21,151) (1,263) (1,249) (694) $1285 Current liabilities Notes payable and debt due within one year Accounts payable Accrued payroll and other liabilities Taxes payable income and other) Total current liabilities Long term debt obligations Shareholders' equity Common stock Retained earnings Total shareholders' equity 20 5,580 2,601 526 $8,727 19,600 2,752 7,386 3,242 1,467 $14,847 14,860 5,908 11,760 $17,669 5,886 11,004 $16,890 Selected items from the notes to consolidated financial statements Note 1: Inventories Inventories are reported using FIFO. Note 7: Property, Plant, and Equipment The components of property, plant, and equipment are as follows: December 31, 2016 Buildings..... $ 9,750 Furniture and fixtures. 18,396 December 31, 2015 $10,601 20,045 28,146 (13,303) 30,646 (13,815) Less-accumulated depreciation Total.. $14,843 $16,831 Depreciation expense was $2041, $1904, and $1896 in 2016, 2015, and 2014 respectively. The dollar amount of land owned by the Company is immaterial. There were no asset impairment charges during 2016, 2015, or 2014. Note 10: Acquisitions Shopit did not engage in any business acquisition activity during the year ended December 31, 2016. Note 11: Taxes There are no income taxes for Shopit. Refer to the financial statement information for Shopit, Inc. Estimate how long it takes Shopit to collect cash from customers for the year ended 12/31/16 and indicate the units in which your answer is measured. Refer to the financial statement information for Shopit Industries, Inc. For 2016, estimate how long it took Shopit to sell inventory and indicate the units in which your answer is measured
