Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $340,000 Accounts Payable $160,000 Accounts Receivable $300,000 Notes Payable $220,000 Inventory $320,000 Long-term Debt $550,000 Property
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $340,000 | Accounts Payable | $160,000 |
Accounts Receivable | $300,000 | Notes Payable | $220,000 |
Inventory | $320,000 | Long-term Debt | $550,000 |
Property | $800,000 | Shareholders' Equity | $1,200,000 |
Calculate the inventory turnover ratio for the company based on the provided balance sheet and the cost of goods sold (COGS) of $1,500,000.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
