Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $240,000 Accounts Payable $90,000 Accounts Receivable $200,000 Notes Payable $120,000 Inventory $220,000 Long-term Debt $300,000 Property
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $240,000 | Accounts Payable | $90,000 |
Accounts Receivable | $200,000 | Notes Payable | $120,000 |
Inventory | $220,000 | Long-term Debt | $300,000 |
Property | $550,000 | Shareholders' Equity | $800,000 |
Determine the current assets turnover ratio for the company based on the provided balance sheet and the total revenue of $1,000,000.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
