Asset Efficiency Ratios Sammy Inc.'s financial statements for 2023 indicate the following account balances: Net sales Cost of goods sold Average accounts receivable Average inventory Average property, plant, and equipment Average total assets Required: Round your answers to two decimal places. 1. Using this information, calculate Sammy's receivable turnover ratio. $307,608 170,100 21,329 3,960 85,367 144,140 2. Using this information, calculate Sammy's asset turnover ratio and also convert the ratio into days. Assume 365 days in a year. Round your answer to nearest whole day. Asset turnover ratio Conversion into days days
Asset Efficiency Ratios Sammy Inc.'s financial statements for 2023 indicate the following account balances: Net sales Cost of goods sold Average accounts receivable Average inventory Average property, plant, and equipment Average total assets Required: Round your answers to two decimal places. 1. Using this information, calculate Sammy's receivable turnover ratio. $307,608 170,100 21,329 3,960 85,367 144,140 2. Using this information, calculate Sammy's asset turnover ratio and also convert the ratio into days. Assume 365 days in a year. Round your answer to nearest whole day. Asset turnover ratio Conversion into days days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Asset Efficiency Ratios
Sammy Inc.'s financial statements for 2023 indicate the
following account balances:
Net sales
Cost of goods sold
Average accounts receivable
Average inventory
Average property, plant, and equipment
Average total assets.
Required:
Round your answers to two decimal places.
1. Using this information, calculate Sammy's receivable
turnover ratio.
$307,608
170,100
21,329
3,960
85,367
144,140
2. Using this information, calculate Sammy's asset
turnover ratio and also convert the ratio into days.
Assume 365 days in a year. Round your answer to
nearest whole day.
Asset turnover ratio
Conversion into days
days](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1580620b-ec3d-48da-8d5f-e0e1d6dd1757%2Fd981efb9-576e-4e01-8de5-126663edfbd4%2Fjbfkqka_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Asset Efficiency Ratios
Sammy Inc.'s financial statements for 2023 indicate the
following account balances:
Net sales
Cost of goods sold
Average accounts receivable
Average inventory
Average property, plant, and equipment
Average total assets.
Required:
Round your answers to two decimal places.
1. Using this information, calculate Sammy's receivable
turnover ratio.
$307,608
170,100
21,329
3,960
85,367
144,140
2. Using this information, calculate Sammy's asset
turnover ratio and also convert the ratio into days.
Assume 365 days in a year. Round your answer to
nearest whole day.
Asset turnover ratio
Conversion into days
days
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