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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.

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