Ask Question, Ask an Expert


Ask Accounting Basics Expert

Q1) Gates Industries balance sheet and income statement for year ending December 31, 1978 are as follows:

Balance Sheet ($million)  
Cash $ 10.0 Accounts payable $ 15.0
Accounts receivable 15.0 Salaries, benefits, & payroll taxes payable 3.0
Inventories* 12.0 Long-term debt 15.0
Fixed assets (net) 30.0 Stockholder' equity 34.0
Total Assets $ 67.0 Total liabilities & stock equity 67.0  
Income Statement ($million)
Net sales (all credit) $ 125.0
Cost of sales 75.0
Selling, general, & administration expenses 30.0
Other expenses 13.0
Earnings after tax 7.0

Average inventories also equal $12.0 (million). Find out the length of the firm's cash conversion cycle.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919946

Have any Question? 

Related Questions in Accounting Basics

Following is the current balance sheet for a local

Following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 50,000Liabilities $ 90,000 Land 290,000 A, capital 70,000 Building and equipment (net) 220,000 B, capital 90,000 C, cap ...

Do the following assignment using microsoft excel

Do the following assignment using Microsoft Excel (handwritten projects will not be accepted) This is an individual assignment, make sure you have included your name, Id and Section no on the printout. Submit in class on ...

Financial information systems assessment myob

Financial Information Systems Assessment: MYOB assignment- Assessment overview This assignment is designed to introduce you to using double entry accounting using both a manual recording system and computer accounting so ...

Assignment - review of current accounting issuestaskfor

Assignment - Review of Current Accounting Issues Task For this assignment assume that you are the senior accountant working for a major firm. Question 1 - The CEO has forwarded to you an interesting article and requires ...

Valuation of accounts receivablesbulldiscuss the primary

Valuation of Accounts Receivables • Discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing off accounts. Even though the direct write-off method is not accep ...

Nonfinancial performance measuresalpha university wishes to

Nonfinancial performance measures Alpha University wishes to monitor the efficiency and quality of its course registration process. a. Identify three input and three output measures for this process. b. Why would Alpha U ...

Management accounting - farnsworths fine furniture

Management Accounting - Farnsworth's Fine Furniture Ltd Question 1 - (a) Prepare a new profit statement for Fred, using a variable costing approach (Also known as marginal costing, or the contribution margin approach). Y ...

Questionthato and mdeva were in partnership and traded as

QUESTION: Thato and Mdeva were in partnership and traded as LEPARA Traders and shared profits/losses in the ratio of 5:3 respectively. Thato and Mdeva decided to admit Lenyora to the partnership. The following informatio ...

The rules and requirements for reporting and disclosing

The rules and requirements for reporting and disclosing segments and non-controlling interests within a 10-K report. Executive Summary Projects Advanced Accounting Project 1: Analysis of a 10-K 1. Explore the concepts of ...

Writing assignmentthe writing assignment has to be between

Writing Assignment The writing assignment has to be between 650-700 words. With 2-3 references to follow, one in particular has to be from the book we are studying out of: Intermediate accounting (7th ed.). Spiceland, Se ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate