Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet and income statement for Cruise Corporation are as follows: Balance Sheet as of December 31, 2020 ASSETS LIABILITIES & EQUITY Cash &

image text in transcribed

The balance sheet and income statement for Cruise Corporation are as follows: Balance Sheet as of December 31, 2020 ASSETS LIABILITIES & EQUITY Cash & marketable securities $2,000 Accounts payable Accounts Receivable 35 000 Taxes payable Inventory 15.000 Short-term borrowings Total current assets $52.000 Total current liabilities Net P.P&E $448.000 Long-term debt TOTAL ASSETS $500.000 Total liabilities Common stock at par Additional paid-in capital Retained earnings TOTAL LIABILITIES & EQUITY $30,000 9,000 12.000 $51,000 $200.000 $251.000 $80.000 $30,000 $139.000 $500,000 Income Statement for the year ending December 31 2020 Sales Cost of goods sold Gross profit S. G&A Operating profit Interest expense Earnings b4 tax Income tax Net Income $800,000 560,000 $240.000 100,000 $140,000 11 660 S128,340 39.785 588.555 Cruise's stock was selling for $7 a share at the end of 2020 and there were 95 thousand shares outstanding Cruise paid dividends of 50 05 a share in 2020 Calculate Cruise's Cash Conversion Cycle for 2020 Group of answer choices 6 days - 4 days 26 days 45 days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Private Equity Mathematics

Authors: Oliver Gottschalg

1st Edition

1908783508, 9781908783509

More Books

Students also viewed these Finance questions