STU Corporation Comparative Statement of Financial Position ($ thousand) December 31 2017 2016 Cash $ 35 305 $ 25 000 Accounts receivable $ 57 850 $ 51 000 Inventory $ 62 500 $ 60 000 Prepaid rent $ 3 000 $ 4 000 Equipment $ 151 000 $ 130 000 Less: accumulated depreciation $ (35 000) $ (25 000) Goodwill $ 37 500 $ 50 000 Total assets $ 312 155 $ 295 000 Accounts payable $ 45 000 $ 40 000 Income tax payable $ 4 000 $ 6 000 Salaries and wages payable $ 8 000 $ 4 000 Short-term loans payable $ 9 000 $ 10 000 Long-term debts $ 60 000 $ 69 000 Common shares $ 130 000 $ 130 000 Retained earnings $ 56 155 $ 36 000 Total liabilities and shareholders' equity $ 312 155 $ 295 000 STU Corporation Income Statemenmt Sales revenue Cost of goods sold Gross profit margin Salary and wage expense Depreciation expense Other operating expenses Total operating expenses Operating income Other expenses(revenue): ($ thousand) Year ending December 31, 2017 $ 338 000 $ 165 000 $ 173 000 $ 69 000 X Y es es $ 120 000 $ 53 000 Interest expense $ 4 000 Impairment loss-goodwill $ 12 500 Loss(gain) on sale of equipment $ (2 500) $ 14 000 Income before income tax $ 39 000 Income tax expense $ 9 750 Net income $ 29 250 Additional information: 1 Equipment with a cost of $20,000 that was 80% depreciated was sold during 2017. 2 No items impacted earnings other than net income and dividends. 3 If the FIFO method had been in use, inventories would have been $22,000 thousand and $21,000 thousand higher than reported at December 31, 2017 and 2016, respectively. 4 Long-term debts are issued at par. 5 The effective tax rate for 2017 and earlier periods is 25%. Question 13 Not yet answered Marked out of 8.00 Flag question For the next 6 Questions: Use the financial statements of STU Corporation. (The Excel file distributed on 5/9.) Assume all purchases and sales are on credit and there are 365 days in one year. Round to the first decimal place, such as 2345.6, if necessary. Find X and Y in the income statement, then calculate STU's cash flow from operating activities in 2017. thousand. Question 14 Answer saved Marked out of 8.00 What amount of cash dividends did STU pay in 2017? (Note: Answer in a positive number.) $ 9095 thousand Flag question Question 15 Not yet answered Marked out of 8.00 Calculate the STU's cash conversion cycle in 2017. days Flag