Use the following information to answer this question.Windswept, Incorporated2022 Income Statement(in millions)Net salesCost of goods soldDepreciationEarnings before interest and taxesInterest paidTaxable incomeTaxesNet income$ 9,7107,990475$ 1,245114$ 1,131396$ 735Windswept, Incorporated2021 and 2022 Balance Sheets(in millions)202120222021Total assetsWhat is the days' sales in receivables for 2022?CashAccounts receivableInventoryTotal$ 3,290 $ 3,0253,530 4,050Net fixed assets$ 6,820 $ 7,075$ 270$ 300Accounts payable$ 1,5501,0801,940 1,745980Long-term debtCommon stockRetained earningsTotal liabilities & equity$ 6,820 $ 7,0751,1603,4606502022$ 1,7851,3303,060900

Days sales in receivable is calculated by dividing number of days in a year by account receivable…

Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets 2021 $ 9,710 7,990 475 $ 1,245 114 $ 1,131 396 $ 735 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2022 $ 300 980 $ 270 1,080 1,940 1,745 $ 3,290 $ 3,025 3,530 4,050 $ 6,820 $ 7,075 What is the days' sales in receivables for 2022? Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2021 2022 $ 1,550 $ 1,785 1,160 1,330 3,460 650 3,060 900 $ 6,820 $ 7,075

Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets 2021 $ 9,710 7,990 475 $ 1,245 114 $ 1,131 396 $ 735 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2022 $ 300 980 $ 270 1,080 1,940 1,745 $ 3,290 $ 3,025 3,530 4,050 $ 6,820 $ 7,075 What is the days' sales in receivables for 2022? Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2021 2022 $ 1,550 $ 1,785 1,160 1,330 3,460 650 3,060 900 $ 6,820 $ 7,075

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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