For its most recent year a company had Sales (all on credit) of $850,000 and Cost of Goods Soid of $510,000. AI the beginning of the year, its Accounts Receivable were $100,000 and its Inventory was $120,000. At the end of the year, its Accounts Receivable were $80,000 and its Inventory was $100,000. Inventory turnover ratio (Answer format: 12.34) * Your answer Accounts receivable turnover ratio (Answer format: 12.34) * Your answer On average how many days of sales were in Accounts Receivable during the year? (Answer format: 12.3) * Your answer

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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For its most reoent year a company had Sales (all on credit) of $a50,000 and Cost of Goods
Sold of $510,000. Al the beginning of the year, its Accounts Receivable were $100,000 and
its Inventory was $120,000. At the end of the year, its Accounts Receivable were $80,000 and
its Inventory was $100,000.
Inventory turnover ratio (Answer format:
12.34) *
Your answer
Accounts receivable turnover ratio (Answer
format: 12.34) *
Your answer
On average how many days of sales were in
Accounts Receivable during the year?
(Answer format: 12.3) *
Your answer
On average how many days of sales were in
Inventory during the year? (Answer format:
12.3) *
Transcribed Image Text:For its most reoent year a company had Sales (all on credit) of $a50,000 and Cost of Goods Sold of $510,000. Al the beginning of the year, its Accounts Receivable were $100,000 and its Inventory was $120,000. At the end of the year, its Accounts Receivable were $80,000 and its Inventory was $100,000. Inventory turnover ratio (Answer format: 12.34) * Your answer Accounts receivable turnover ratio (Answer format: 12.34) * Your answer On average how many days of sales were in Accounts Receivable during the year? (Answer format: 12.3) * Your answer On average how many days of sales were in Inventory during the year? (Answer format: 12.3) *
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