) American Bacon Inc. financial statements are presented in the table below. Bas
ID: 2775948 • Letter: #
Question
) American Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, and using a 365-day year, calculate Average Credit Sales per Day.
Round the answers to two decimal places
Balance Sheet December 31, 2010
Income statement, Year of 2010
Cash and marketable securities $102,000 Accounts payable $287,000 Accounts receivable $299,000 Notes payable $61,200 Inventories $628,000 Accrued expenses $51,900 Prepaid expenses $10,300 Total current liabilities $400,100 Total current assets $1,039,300 Long-term debt $415,000 Gross fixed assets $1,502,000 Par value and paid-in-capital $376,000 Less: accumulated depreciation $312,000 Retained Earnings $1,038,200 Net fixed assets $1,190,000 Common Equity 1,414,200 Total assets $2,229,300 Total liabilities and owner’s equity $2,229,300Explanation / Answer
Average credit sales per day = Net credit sales / 365 days
= 6387700/365 i.e 17500.55
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