The balance sheet and income statement for Barboursville Bassoon Company (BBC) as of December 31, 2xx1, are shown below.
BBC Corporation ($000s) Cash 1,000 Accounts Payable 1,000 Accounts Receivable 2,000 Accruals 500 Inventory 2,000 Notes Payable 500 Current Assets 5,000 Current Liabilities 2,000 Long-Term Debt 1,250 Net Fixed Assets 1,000 Common Stock 500 Retained Earnings 2,250 Total Assets 6,000 Total Liabilities & Ownersâ 6,000 BBC Income Statement ($000s) Sales (all credit) $60,000 - Cost of Goods Sold 40,000 Gross Profit 20,000 - Selling, General & Administrative Expense 2,500 - Depreciation Expense 2,500 Earnings Before Interest & Taxes 3,500 - Interest 1,000 Earnings Before Taxes 14,000 - Taxes 4,200 Net Income $9,800
Calculate the cash conversion cycle for BBC and determine the amount of funding that is necessary to support operations. Use a 360 day year in all calculations.
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