Multiple Choice
The 2013 and 2014 balance sheets for Shadow Industries showed Cash of $8,000 and $9,500 respectively,Accounts Receivable of $14,000 and $16,000,respectively,Inventory of $11,000 and $8,000,respectively,and Accounts Payable of $5,000 and $7,000,respectively.Its 2014 Income Statement showed Net Sales of $108,000,Cost of Goods Sold of $62,000,and Net Income of $27,000.The cash conversion cycle for 2014 was (round calculations to two decimal places) :
A) 141.94 days.
B) 40.56 days.
C) 30.08 days.
D) 71.30 days.
Correct Answer:
Verified
Correct Answer:
Verified
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