Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest Income before taxes Income taxes Net income Balance Sheet Required Cash Surplus Cash Cash Accounts receivable Inventories Total current assets Gross fixed assets Less accumulated depreciation Net fixed assets Total assets Accounts payable Bank loan Accrued liabilities Total current liabilities Long-term debt EFN Common stock Retained earnings Total liabilities and equity 2019 4,125.00 2,681.25 1,443.75 737.00 33.00 673.75 202.13 471.63 2019 206.3 10.4 217 550 1,595 2,362 2,800 -1,250 1,550 3,912 2019 330 150 110 590 150 0 850 2,322 3,912

Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest Income before taxes Income taxes Net income Balance Sheet Required Cash Surplus Cash Cash Accounts receivable Inventories Total current assets Gross fixed assets Less accumulated depreciation Net fixed assets Total assets Accounts payable Bank loan Accrued liabilities Total current liabilities Long-term debt EFN Common stock Retained earnings Total liabilities and equity 2019 4,125.00 2,681.25 1,443.75 737.00 33.00 673.75 202.13 471.63 2019 206.3 10.4 217 550 1,595 2,362 2,800 -1,250 1,550 3,912 2019 330 150 110 590 150 0 850 2,322 3,912

Name: Using 2019 values and not averages, answer the following:a) What is th
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Description: Using 2019 values and not averages, answer the following:a) What is the inventory to sale conversion period?b) What is the sale to cash conversion period? Income StatementNet salesCost of goods soldGross profitOperating expensesInterestIncome before

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Using 2019 values and not averages, answer the following:
a) What is the inventory to sale conversion period?
b) What is the sale to cash conversion period?

Income Statement
Net sales
Cost of goods sold
Gross profit
Operating expenses
Interest
Income before taxes
Income taxes
Net income
Balance Sheet
Required Cash
Surplus Cash
Cash
Accounts receivable
Inventories
Total current assets
Gross fixed assets
Less accumulated
depreciation
Net fixed assets
Total assets
Accounts payable
Bank loan
Accrued liabilities
Total current liabilities
Long-term debt
EFN
Common stock
Retained earnings
Total liabilities and equity
2019
4,125.00
2,681.25
1,443.75
737.00
33.00
673.75
202.13
471.63
2019
206.3
10.4
217
550
1.595
2,362
2,800
-1,250
1,550
3,912
2019
330
150
110
590
150
0
850
2,322
3,912

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