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The Butler-Huron Company's balance sheet and income statement for last year are as follows:
*Assume that all sales are credit sales and that average accounts receivable are the same as ending accounts receivable.**Assume that average inventory over the year was the same as ending inventory.***Assume that average accounts payable are the same as ending accounts payable.Income Statement (in Millions of Dollars)Net sales ................. $13,644Cost of sales ............... 9,890Selling, general, and administrative expenses .. 2,264Other expenses .............. 812Total expenses .............. $12,966Earnings before taxes ............ 678Taxes .................... 268Earnings after taxes (net income) ........ $410
a. Determine Butler-Huron's cash conversion cycle.
b. Determine Butler-Huron's cash conversion cycle assuming that 75 percent of annual sales are credit sales (i.e., 25 percent represent cash sales).
c. Determine Butler-Huron's cash conversion cycle assuming that 50 percent of annual sales are creditsales.
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