The following table presents selected 2020 annual income statement items and balance sheet items for Toyota Motor and Apple. Allfigures are in millions. Use the information to answer the questions that follow.okSalesCost of goods soldkAccounts receivableInventoryAccounts payable.ToyotaY 28,735,78024,562,364Apple$ 276,515171,5598,713,06518,1202,436,9186,061intences2,438,980a. Calculate the length of the operating cycle for Toyota and Apple.44,296b. Calculate the length of the cash conversion cycle for Toyota and Apple.Note: Negative value should be indicated by parentheses. Round your answers to 1 decimal place. -a operating cycle cash conversion cycleb. cash conversion cycle conversion cycleToyota36 2 daysdaysAppledaysday's

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Description: The following table presents selected 2020 annual income statement items and balance sheet items for Toyota Motor and Apple. Allfigures are in millions. Use the information to answer the questions that follow.okSalesCost of goods soldkAccounts recei

Operating cycle is the time taken by the business from buying the inventory until cash received in…

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The following table presents selected 2020 annual income statement items and balance sheet items for Toyota Motor and Apple. A figures are in millions. Use the information to answer the questions that follow. Sales Cost of goods sold Accounts receivable Inventory Accounts payable Toyota ¥ 28,735,780 Apple $276,515 24,562,364 171,559 8,713,065 18,120 2,436,918 6,061 44,296 2,438,980 a. Calculate the length of the operating cycle for Toyota and Apple. b. Calculate the length of the cash conversion cycle for Toyota and Apple. Note: Negative value should be indicated by parentheses. Round your answers to 1 decimal place. a operating cycle cash conversion cycle b. cash conversion cycle conversion cycle Toyota 36 2 days days Apple days day's

The following table presents selected 2020 annual income statement items and balance sheet items for Toyota Motor and Apple. A figures are in millions. Use the information to answer the questions that follow. Sales Cost of goods sold Accounts receivable Inventory Accounts payable Toyota ¥ 28,735,780 Apple $276,515 24,562,364 171,559 8,713,065 18,120 2,436,918 6,061 44,296 2,438,980 a. Calculate the length of the operating cycle for Toyota and Apple. b. Calculate the length of the cash conversion cycle for Toyota and Apple. Note: Negative value should be indicated by parentheses. Round your answers to 1 decimal place. a operating cycle cash conversion cycle b. cash conversion cycle conversion cycle Toyota 36 2 days days Apple days day's

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 59BE

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Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
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The following table presents selected 2020 annual income statement items and balance sheet items for Toyota Motor and Apple. All ﬁgures are in millions. Use the information to answer the questions that follow. Toyota Apple Sales ¥29,931,992 $ 277,515 Cost of goods sold 24,582,364 172,559 Accounts receivable 8,715,065 19,120 Inventory 2 ,437,918 7,061 Accounts payable 2,441,380 45,296 Calculate the length of the operating cycle for Toyota and Apple. Calculate the length of the cash conversion cycle
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