Please do not give solution in image format thanku Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for thecompany were $71,000 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that90 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were:Accounts receivable (net)InventoryAccounts receivableInventoryRequired:1. Compute Richards & James' receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to thenearest whole dollar. Round your answers to 2 decimal places.)Ending$7,5006,825TurnoverTocollect accounts receivableTo sell inventoryBeginning$6,1006,3052. How many days does it take for the company to collect its accounts receivable and sell its inventory? (Use 365 days in a year.Round your answers to 2 decimal places.)Days

Ratio analysis helps to analyze the financial statements of the company. Management can take…

Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $71,000 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Accounts receivable (net) Inventory Accounts receivable Inventory Ending $7,500 6,825 Required: 1. Compute Richards & James' receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to the nearest whole dollar. Round your answers to 2 decimal places.) Turnover Beginning $6,100 6,305

Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $71,000 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Accounts receivable (net) Inventory Accounts receivable Inventory Ending $7,500 6,825 Required: 1. Compute Richards & James' receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to the nearest whole dollar. Round your answers to 2 decimal places.) Turnover Beginning $6,100 6,305

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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