Please show work Based on the information in the table, and …
Please show work
Based on the information in the table, and using a 365-day year, calculate operating cycle.
Round the answers to two decimal places
Balance Sheet December 31, 2012
Cash and marketable securities
$198,000
Accounts payable
$288,000
Accounts receivable
$469,000
Notes payable
$65,000
Inventories
$577,000
Accrued expenses
$84,000
Prepaid expenses
$15,700
Total current liabilities
$437,000
Total current assets
$1,259,700
Long-term debt
$237,000
Gross fixed assets
$1,954,000
Par value and paid-in-capital
$199,000
Less: accumulated depreciation
$476,000
Retained Earnings
$1,864,700
Net fixed assets
$1,478,000
Common Equity
2,063,700
Total assets
$2,737,700
Total liabilities and ownerA????1s equity
$2,737,700
Income Statement, Year of 2012
Net sales (all credit)
$7,546,600.00
Less: Cost of goods sold
$6,112,746.00
Selling and administrative expenses
$349,000.00
Depreciation expense
$145,000.00
EBIT
$939,854.00
Interest expense
$49,500.00
Earnings before taxes
$890,354.00
Income taxes
$356,141.60
Net income
$534,212.40
