Based on the information in the table, and using cost of goods sold and a...
80.2K
Verified Solution
Link Copied!
Question
Finance
Based on the information in the table, and using cost of goods sold and a 365-day year, Calculate Days of Sales in Inventory (using cost of goods sold).
Balance Sheet December 31, 2014
Cash and marketable securities
$132,000
Accounts payable
$399,000
Accounts receivable
$311,000
Notes payable
$98,500
Inventories
$512,000
Accrued expenses
$89,300
Prepaid expenses
$11,300
Total current liabilities
$586,800
Total current assets
$966,300
Long-term debt
$799,400
Gross fixed assets
$2,104,000
Par value and paid-in-capital
$298,000
Less: accumulated depreciation
$398,000
Retained Earnings
$988,100
Net fixed assets
$1,706,000
Common Equity
1,286,100
Total assets
$2,672,300
Total liabilities and owners equity
$2,672,300
Income Statement, Year of 2014
Net sales (all credit)
$4,276,600.00
Less: Cost of goods sold
$3,292,982.00
Selling and administrative expenses
$349,000.00
Depreciation expense
$148,000.00
EBIT
$486,618.00
Interest expense
$49,600.00
Earnings before taxes
$437,018.00
Income taxes
$174,807.20
Net income
$262,210.80
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
