Question: a canadian bacon inc financial statements are presented in the...
a) Canadian Bacon Inc. financial statements are presented in the table below.
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).
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|
|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|
|Earnings before taxes||$890,354.00|