1. Company computed the following data for 2003:

Days' sales in receivables: 38.7 days
Accounts receivable turnover: 9.6 times
Accounts receivable turnover in days: 33.1 days
Days' sales in inventory: 68.5 days
Merchandise inventory turnover: 5.9 times
Inventory turnover in days: 58.7 days.
The estimated operating cycle for 2003 is

2. The following financial statement data are taken from Company's 2006 annual report:

(in millions)
Current assets $12.6
Investments 9.4
Intangibles 6.8
Tangible assets (net) 58.1
Current liabilities 6.4
Long-term debt 39.7
Stockholders' equity 40.8

3. A summarized income statement for Inc. is presented below.

Sales $1,000,000
Cost of Sales 600,000
Gross Profit 400,000
Operating Expenses 250,000
Operating Income 150,000
Interest Expense 30,000
Earnings Before Tax 120,000
Income Tax 40,000
Net Income 80,000

The degree of financial leverage is:

4.       Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000 at the beginning of the year. For the year, Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the end of the year, Corporation had total liabilities of: