Refer to the following selected financial information from Texas Electronics. Compute the company’s days’ sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Cash $ 37,700 $ 32,450 Short-term investments 92,000 61,000 Accounts receivable, net 86,500 80,500 Merchandise inventory 122,000 126,000 Prepaid expenses 12,300 9,900 Plant assets 389,000 339,000 Accounts payable 112,400 108,800 Net sales 712,000 677,000 Cost of goods sold 391,000 376,000

Refer to the following selected financial information from Texas Electronics. Compute the company’s days’ sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Cash $ 37,700 $ 32,450 Short-term investments 92,000 61,000 Accounts receivable, net 86,500 80,500 Merchandise inventory 122,000 126,000 Prepaid expenses 12,300 9,900 Plant assets 389,000 339,000 Accounts payable 112,400 108,800 Net sales 712,000 677,000 Cost of goods sold 391,000 376,000

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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	Year 2	Year 1
Cash	$ 37,700	$ 32,450
Short-term investments	92,000	61,000
Accounts receivable, net	86,500	80,500
Merchandise inventory	122,000	126,000
Prepaid expenses	12,300	9,900
Plant assets	389,000	339,000
Accounts payable	112,400	108,800
Net sales	712,000	677,000
Cost of goods sold	391,000	376,000

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