Use the data for Snyder Services from exercise 11-24B.
In 11-24B. The income statement and additional data of Snyder Services, Inc., follow:

Requirements
1. Calculate the cash conversion cycle for Snyder Services. Round all calculations to two decimal places. Assume all sales on credit.
2. Comment on Snyder Services€™ cash conversion cycle assuming that it was 66.82 days for the prioryear.

Transcribed Image Text:

Snyder Services, Inc Income Statement Year Ended November 30, 2012 Revenues Sales Revenue Dividend Revenue $275,000 11,000 Total Revenues $286,000 Expenses: Cost of Goods Sold Salaries Expense Depreciation Expense Advertising Expense Interest Expense Income Tax Expense $103,000 45,000 19,000 7,000 7,000 12.000 Total Expenses 193,000 Net Income