Average inventories also equal 12.0 million. find out the, Ask an Expert

Accounting

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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M919946

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