I’m working on a other question and need guidance to help me understand better.
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 Days payables outstanding (Payables conversion period).
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|
|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 owners 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|
|Earnings before taxes||$216,286.00|
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