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QUESTION
12/31/18 9/30/19 ($ million) Historical Projected 12/31/79 $ 15.0 $ 30.0 Projected 1. Balance Sheets 180.0 251.5 Cash and equivalents 270.0 410.0 2...
On the table ,which showed the balance sheets for Rexe Textiles on three different dates. Assume all sales and all purchases are made on credit. Calculate the length of Rexe's cash conversion cycle on September 30, 2019 and December 31, 2019.
12/31/189/30/19($ million)HistoricalProjected12/31/79$ 15.0$30.0Projected1. Balance Sheets180.0251.5Cash and equivalents270.0410.02 165Accounts receivable$465.0$691.51980InventoriesTotal current assets (CA)380.0408.52970$ 1,100.0$ 5715Net plant and equipment$845.0418.0Total Assets$ 30.0S90.0$929 560.0100.0Accounts payable$ 33.040.029.0Accruals66.0Notes payable$ 130.0$ 319.046.8Total current liabilities (CL)300.0309.0$ 145.8Long-term bonds$430.0$ 628.0309.0Total liabilities130.0159.3$454.8Common stock (25 million shares)285.0312.71593Retained earnings$ 472.0315.5Total common (owners') equity$ 415.0Total Liabilities and Equity$845.0$ 1,100.0$ 474.8$929.5Net working capital = CA - CL$335.0$ 372.5Current ratio = CA/CL3.6X2.2X$365.73.6X20182019ll. Partial Income StatementsSales$1,500.0Cost of goods soldFixed costs(1,230.0)$1,650.0Earnings before interest and taxes( 140.0)(1,353.0)130.0154.0 )ding difference.143.0