Calculate the following financial turnover measurements for year 20X3:

(1) Inventory turnover, and

(2) Accounts receivable turnover.

Assume that: (1) Revenue consists entirely of net credit sales, (2) Inventory balance at the end of year 20X3 represents average inventory, and (3) Accounts receivable balance at the end of year 20X3 represents average accounts receivable. Calculate turnover measurements in number of turns as well as number of days.

Weaver Corporation's stock is selling for $16 per share. Weaver provided the following financial statements. Use these statements to prepare comprehensive ratio analysis tables similar to those illustrated in the chapter. WEAVER CORPORATION Comparative Balance Sheet December 31, 20x3 and 20X2 20X3 20X2 ASSETS Current assets Cash Accounts receivable Inventories S 500,000 S370,000 290,000 110,000 $ 770,000 350,000 90,000 940,000 Total current assets Property, plant & equip $ 200,000 S200,000 650,000 900,000 $ 1,800,000 1,750,000 (325,000) $ 1,425,000 $ 2,195,000 Land Building Equipment 650,000 950,000 5,000 S 1,435.000 $ 2,375,000 Less: Accumulated depreciation Total property, plant & equipment Total assets LIABILITIES Current liabilities Accounts payable Interest payable Total current liabilities $ 160,000 S200,000 30,000 $ 200,000 S230,000 40,000 Long-term liabilities Total liabilities STOCKHOLDERS' EQUITY 800,000 $ 1,000,000 700,000 930,000 Long-term note payable Common stock ($0.50 par) Paid-in capital in excess of par Retained earnings $ 100,000 S100,000 655,000 510,000 $1,265,000 655,000 620,000 $1,375,000 Total stockholders' equity Total Liabilities and equity $ 2,375,000 2,195,000