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Cash Conversion cycle Based On Balance Sheet
Gates Industries balance sheet and income statement for the year ending December 31, 1978 are as follows:
Balance Sheet ($million)
Cash
$ 10.0
Accounts payable
$ 15.0
Accounts receivable
15.0
Salaries, benefits, & payroll taxes payable
3.0
Inventories*
12.0
Long-term debt
Fixed assets (net)
30.0
Stockholder' equity
34.0
Total Assets
$ 67.0
Total liabilities & stock equity
67.0
Income Statement ($million)
Net sales (all credit)
$ 125.0
Cost of sales
75.0
Selling, general, & administration expenses
Other expenses
13.0
Earnings after tax
7.0
*Note: Average inventories also equal $12.0 (million) Determine the length of the firm's cash conversion cycle.
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