The following information relates to Truman Unlimited for the past two years. ...
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Accounting
The following information relates to Truman Unlimited for the past two years.
| Account | Current year | Prior year |
| Net sales (all credit) | $219,000 | $180,000 |
| Cost of goods sold | $125,000 | $110,000 |
| Gross profit | $94,000 | $70,000 |
| Income from operations | $32,000 | $30,000 |
| Interest expense | $2,000 | $7,000 |
| Net income | $25,000 | $18,000 |
| Cash | $25,000 | $17,000 |
| Accounts receivable, net | $26,000 | $35,000 |
| Inventory | $65,000 | $60,000 |
| Prepaid expenses | $2,000 | $1,000 |
| Total current assets | $118,000 | $113,000 |
| Total long-term assets | $162,750 | $187,751 |
| Total current liabilities | $60,000 | $90,000 |
| Total long-term liabilities | $22,000 | $78,000 |
| Common stock, no par, 2,500 shares, market value $96 per share | $40,000 | $40,000 |
| Retained earnings | $158,750 | $92,751 |
Days' sales in receivables for the current year is closest to
| 50.83 days. |
| 9.60 days. |
| 61.85 days. |
| 79.50 days. |
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