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Use the below information to answer the following question. Income Statement For the Year Net sales $631,000 COGS 442,220 Depreciation 28,100 EBIT $160,700 Interest 14,900
Use the below information to answer the following question. |
Income Statement | |
For the Year | |
Net sales | $631,000 |
COGS | 442,220 |
Depreciation | 28,100 |
EBIT | $160,700 |
Interest | 14,900 |
Taxable income | $145,800 |
Taxes | 49,600 |
Net income | $96,200 |
Balance Sheet | ||
Beginning of Year | End of Year | |
Cash | $ 38,200 | $43,700 |
Accounts receivable | 91,400 | 86,150 |
Inventory | 203,900 | 214,600 |
Net fixed assets | 516,100 | 537,950 |
Total assets | $849,600 | $882,400 |
Accounts payable | $136,100 | $104,300 |
Long-term debt | 329,500 | 298,200 |
Common stock ($1 par value) | 75,000 | 82,000 |
Retained earnings | 309,000 | 397,900 |
Total Liab. & Equity | $849,600 | $882,400 |
How many days on average does it take to sell the inventory? (Use year-end values) |
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