Financial statements for Maraby Corporation appear below:Maraby CorporationBalance SheetDecember 31, Year 2 and Year 1(dollars in thousands) Year 2Year 1Current assets: Cash and marketable securities$220 $190 Accounts receivable, net 190 160 Inventory 140 150 Prepaid expenses 70 80 Total current assets 620 580 Noncurrent assets: Plant & equipment, net 1,180 1,150 Total assets$ 1,800 $ 1,730 Current liabilities: Accounts payable$100 $120 Accrued liabilities 100 70 Notes payable, short term 160 160 Total current liabilities 360 350 Noncurrent liabilities: Bonds payable 450 500 Total liabilities 810 850 Stockholders' equity:
Common stock, $5 par 160 160 Additional paid-in capital 200 200 Retained earnings 630 520 Total stockholders' equity 990 880 Total liabilities & stockholders' equity$ 1,800 $ 1,730 Maraby CorporationIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account)$1,960 Cost of goods sold 1,370 Gross margin 590 Selling and administrative expense 230 Net operating income 360 Interest expense 50 Net income before taxes 310 Income taxes (30%) 93 Net income$ 217 Maraby Corporation's average sale period for Year 2 was closest to: (Round your intermediate calculations to 1 decimal place.)
A. 27.0 days
B. 46.6 days
C. 32.6 days
D. 38.8 days
Answer: D
You might also like to view...
Many U.S. firms prefer to sell in Canada, England, and Australia—rather than in larger markets such as Germany and France—because they feel more comfortable with the languages, laws, and culture, which reflect the ________ between these countries
and the United States. A) self-serving bias B) coincident development C) psychic proximity D) cognitive dissonance E) backward invention
A measure of central tendency given as the value that occurs the most in a sample distribution is called the median
Indicate whether the statement is true or false
Which of the following is an intentional tort?
A. breach of the duty of care B. defect in product manufacture C. disparagement D. negligence
________ provide(s) protection against the failure of a contractor to fulfill contractual obligations.
A. Business insurance B. Surety bonds C. Fidelity bonds D. Key person insurance