Reference no: EM132571074
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 cash conversion cycle Round the answers to two decimal places
Balance Sheet December 31, 2012
Cash and marketable securities $198,000
Accounts payable $288,000
Accounts receivable $469,000
Notes payable $65,000
Inventories $577,000
Accrued expenses $84,000
Prepaid expenses $15,700
Total current liabilities $437,000
Total current assets $1,259,700
Long-term debt $237,000
Gross fixed assets $1,954,000
Par value and paid-in-capital $199,000
Less: accumulated depreciation $476,000
Retained Earnings $1,864,700
Net fixed assets $1,478,000
Common Equity 2,063,700
Total assets $2,737,700
Total liabilities and owner's equity $2,737,700
Income Statement, Year of 2012
Net sales (all credit) $7,546,600.00
Less: Cost of goods sold $6,112,746.00
Selling and administrative expenses $349,000.00
Depreciation expense $145,000.00
EBIT $939,854.00
Interest expense $49,500.00
Earnings before taxes $890,354.00
Income taxes $356,141.60
Net income $534,212.40
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