1. Based on the following data, what is the accounts receivable turnover?

Line Item Description	Amount
Sales on account during year	$557,363
Cost of goods sold during year	172,493
Accounts receivable, beginning of year	46,422
Accounts receivable, end of year	46,995
Inventory, beginning of year	86,107
Inventory, end of year	101,040

a. 3.2

b. 5.5

c. 11.9

d. 12.0

2. Based on the following data for the current year, what is the days' sales in receivables? Assume 365 days a year.

Line Item Description	Amount
Sales on account during year	$564,990
Cost of goods sold during year	154,801
Accounts receivable, beginning of year	43,835
Accounts receivable, end of year	53,571
Inventory, beginning of year	92,983
Inventory, end of year	100,462

Round your answer up to the nearest whole day.

a. 31

b. 65

c. 62

d. 100

3. Austin Land Company sold land for $61,530 in cash. The land was originally purchased for $34,310. At the time of the sale, $13,730 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers.

Line Item Description	Effect	Amount
Total assets	Decrease/Increase	$
Total liabilities	Decrease/Increase	$
Stockholders' equity	Decreases/Increases	$