Apache Corporation (APA) is an independent energy company that explores, develops, and produces oil and gas products. Apache operates worldwide, including in the United States, Canada, and the North Sea. The profitability of the oil and gas business is highly influenced by the price of crude oil and natural gas, and by the success in finding oil and gas. Selected financial information for Apache for three recent years follows (in millions): Year 3 Year 2 Year 1 Balance sheet, end of year: Cash Income statement: Days' Cash on Hand $714 $1,668 $1,377 Operating expenses Depreciation expense a. Determine the days' cash on hand for each year. Assume a 365-day year. If required, round all computations to one decimal place and use in subsequent calculations, Round final answers to one decimal place. Year 3 Year 2 days 6,466 5,505 7,036 2,405 2,280 2,618 days Year 1 days

Apache Corporation (APA) is an independent energy company that explores, develops, and produces oil and gas products. Apache operates worldwide, including in the United States, Canada, and the North Sea. The profitability of the oil and gas business is highly influenced by the price of crude oil and natural gas, and by the success in finding oil and gas. Selected financial information for Apache for three recent years follows (in millions): Year 3 Year 2 Year 1 Balance sheet, end of year: Cash Income statement: Days' Cash on Hand $714 $1,668 $1,377 Operating expenses Depreciation expense a. Determine the days' cash on hand for each year. Assume a 365-day year. If required, round all computations to one decimal place and use in subsequent calculations, Round final answers to one decimal place. Year 3 Year 2 days 6,466 5,505 7,036 2,405 2,280 2,618 days Year 1 days

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 3MAD

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