1976

Cash and temporary investment 1,972,496

Marketable Sec 762,450

Accounts receivable 12,434,941

15,169,887

Other 61,678

PPE 6,073,765

Other asset 262,661

6,398,104

12,434,941 – 6,398,104 = 8,771,783

Cost of sale 43,411,164

Expenses 15,886,391

59,297,555

Depreciation operating cost (1,551,784)

57,745,771 / 360 = 160,404.919

Ave. Cash Balance = 8,771,783 / 160,404.919 = 54.6852 days for 1976

1975

Cash and temporary investment 513,861

Marketable Sec 0

Accounts receivable 6,072,787

6,386,648
Other 22,874

PPE 3,385,946

Other asset 262,610

3,671,430

6,386,648 – 3,671,430 = 2,715,218

Cost of sale 16,198,173

Expenses 5,025,522

21,223,695

Depreciation operating cost (1,161,888)

20,061.807 / 360 = 55,727.2417

Ave. Cash Balance = 2,715,218 / 55,727.2417= 58.7233days for 1975