) Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, and using a 365-day year, calculate Days payables outstanding.
Round the answers to two decimal places
Cash and marketable securities$132,000Accounts payable $399,000Accounts receivable$311,000Notes payable$98,500Inventories$512,000Accrued expenses$89,300Prepaid expenses$11,300Total current liabilities$586,800Total current assets$966,300Long-term debt$799,400Gross fixed assets$2,104,000Par value and paid-in-capital$298,000Less: accumulated depreciation$398,000Retained Earnings$988,100Net fixed assets $1,706,000Common Equity1,286,100Total assets$2,672,300Total liabilities and owner’s equity$2,672,300
Income Statement, Year of 2014
Net sales (all credit)$4,276,600.00Less: Cost of goods sold$3,292,982.00Selling and administrative expenses$349,000.00Depreciation expense$148,000.00EBIT$486,618.00Interest expense$49,600.00Earnings before taxes$437,018.00Income taxes$174,807.20Net income $262,210.80