Reference no: EM131328201
Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, and using a 365-day year, calculate the average collection period (also called Days of Sales in Receivables or Number of Days of Credit).
Round the answers to two decimal places
Balance Sheet December 31, 2013
Cash and marketable securities $112,000 Accounts payable $211,000
Accounts receivable $325,000 Notes payable $51,500
Inventories $426,000 Accrued expenses $50,100
Prepaid expenses $10,700 Total current liabilities $312,600
Total current assets $873,700 Long-term debt $225,000
Gross fixed assets $1,514,000 Par value and paid-in-capital $117,000
Less: accumulated depreciation $315,000 Retained Earnings $1,418,100
Net fixed assets $1,199,000 Common Equity 1,535,100
Total assets $2,072,700 Total liabilities and owner’s equity $2,072,700
Income Statement, Year of 2013
Net sales (all credit) $3,256,600.00
Less: Cost of goods sold $2,572,714.00
Selling and administrative expenses $323,000.00
Depreciation expense $115,000.00
EBIT $245,886.00
Interest expense $29,600.00
Earnings before taxes $216,286.00
Income taxes $86,514.40
Net income $129,771.60
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