ACC141 OM2 Managerial Accounting Homework: Assignment 4 - Chap 14 - ratio analysis Score: 0 of 1 pt 5 of 13 (6 complete) S14-7 (book/static) Cartwright's, a home-improvement store chain, reported these summarized figures: Click the icon to view the income statement.) (Click the icon to view the balance sheets.) Compute the following: The rate of inventory tumover for 2017 Days' sales in average receivables during 2017. Assume all sales are on credit. b. a. Compute the rate of inventory turnover for 2017 First enter the formula, then compute the inventory turnover for 2017. (Round your answer to two decimal places) Inventory turnover qures: the balance sheets.) - X Income statement on cd Cartwright's Income Statement and your For The Year Ended December 31, 2017 Invd 2017 Sales revenues $ 34,988,900 21,766,030 S 13,222,870 5,088,250 Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes $ 8,134,620 217,800 $ 7.916,820 1,925,750 Less: income tax expenso Net Income 5.991.070 Print Done er. Clear All MacBook COD 000 F& FS F7 DII FB FO Balance sheets Cartwright's Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Current assets: Cash $ Short-term investments Accounts receivable Inventory Other current assets Total current assets Other noncurrent assets 1,200,000 $ 203,200 100,800 4,676,000 508,000 810,000 260,000 378,500 4,190,000 409,500 $ 6,688,000 $ 11,437,000 6,048,000 11,620,000 17,668,000 $ 18,125,000 $ Total assets Liabilities Current liabilities: Accounts payable $ 3,400,000 $ 2.750,000 Print Done F4 FS a F7 FB 19 5 of 13 (6 complete) Balance sheets TULO GUITO DISCUS Vivou, VUU UUTU,Vou Other noncurrent assets 11,620,000 11,437,000 $ 18,125,000 $ Total assets 17,668,000 Liabilities Current liabilities: $ Accounts payable Notes payable 3,400,000 $ 890,000 110,000 2,750,000 655,000 195,000 Accrued liabilities Total current liabilities $ 4,400,000 $ 4,300,000 Long-term liabilities Total liabilities 3,600,000 4,216,000 $ 8,700,000 $ 7,816,000 $ Stockholders' equity Common stock, no par Retained earnings Total stockholders' equity 2,502,000 $ 6,923,000 2.000.000 7.852.000 $ 9,425,000 $ 9,852.000 Total liabilities and equity S 18,125,000 $ 17,668,000 Print Done