Use the following selected financial information for Wilcox Corporation to answer questions . Wilcox Corporation
Income Statement
For the Year Ended December 31,2015
Net sales Cost of goods sold Gross profit Operating expenses Operating profit Interest expense Earnings before taxes Income tax expense Net profit $2,8701,985$885620$26540$22580$145 Wilcox Corporation
Balance Sheet
December 31, 2015
Assets Current assets Cash Short-term investments Accounts receivable Inventory Total current assets Long-term assets Net PPE Goodwill Total assets $251570150260390210$860 Liabilities and stockholders’ equity Current liabilities Accounts payable Accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders’ equity Common stock and PIC Retained earnings Total stockholders’ equity Total liabilities and equity $854513024037080410490$860 WilcoxCorporation
Statement of Cash Flow Information
For the Year Ended December 31, 2015
Cash from operating activities Investing activities: Capital expenditures Acquisitions Financing activities: Proceeds from long-term borrowing Payments on long-term borrowing Payments of cash dividends Cash paid for interest Cash paid for income taxes $150$60$10$50$25$20$10$75
-Wilcox's days payable outstanding is:
Zero-Factor Property
A rule stating that if the product of two factors equals zero, at least one of the factors must also be zero.
Equation
A statement in mathematics that declares two expressions, often including variables and constants, to be equivalent.
Factor
A number or expression that divides another number or expression evenly, with no remainder.
Zero-Factor Property
The rule stating if a product of two or more factors is zero, at least one of the factors must be zero.