Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $240,000 and $95,000, respectively. Year-end balances for these accounts were $260,000 and $75,000, respectively. Sales for the year of $950,000 generated a gross profit of $230,000. Calculate the receivables and inventory turnover ratios for the year. Receivables Turnover Ratio Choose Numerator: +Choose Denominator: Receivables Turnover Ratio Receivables turnover ratio 0 times Inventory Turnover Ratio Choose Numerator: +Choose Denominator: Inventory Turnover Ratio Inventory turnover ratio 0 times
Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $240,000 and $95,000, respectively. Year-end balances for these accounts were $260,000 and $75,000, respectively. Sales for the year of $950,000 generated a gross profit of $230,000. Calculate the receivables and inventory turnover ratios for the year. Receivables Turnover Ratio Choose Numerator: +Choose Denominator: Receivables Turnover Ratio Receivables turnover ratio 0 times Inventory Turnover Ratio Choose Numerator: +Choose Denominator: Inventory Turnover Ratio Inventory turnover ratio 0 times
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $240,000 and $95,000,
respectively. Year-end balances for these accounts were $260,000 and $75,000, respectively. Sales for the year of $950,000
generated a gross profit of $230,000.
Calculate the receivable's and inventory turnover ratios for the year.
Choose Numerator:
Receivables Turnover Ratio
Choose Denominator:
=Receivables Turnover Ratio
Receivables turnover ratio
0 times
Inventory Turnover Ratio
Choose Numerator:
+Choose Denominator:
Inventory Turnover Ratio
Inventory turnover ratio
0 times
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