Reference no: EM132628072
Question - How to compute average collection period, average sale period, and operating cycle?
Castile Products, Inc. Income Statement For the Year Ended December 31
Sales $2,975,000
Cost of goods sold 1,584,000
Gross margin 1,391,000
Selling and administrative expenses 630,000
Net operating income 761,000
Interest expense 38,000
Net income before taxes 723,000
Income taxes (30%) 216,900
Net income $506,100
Account balances at the beginning of the year were: accounts receivable, $170,000; and inventory, $360,000. All sales were on account.
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