Question
Corona Company's balance sheet accounts follow: At December 31 2014 2013 2012 Assets Cash $46,878 $52,183 $52,212 Accounts receivable, net 99,044 75,015 62,182 Merchandise inventory
Corona Company's balance sheet accounts follow: |
At December 31 | 2014 | 2013 | 2012 |
Assets |
|
|
|
Cash | $46,878 | $52,183 | $52,212 |
Accounts receivable, net | 99,044 | 75,015 | 62,182 |
Merchandise inventory | 116,130 | 94,511 | 67,125 |
Prepaid expenses | 29,340 | 29,119 | 24,459 |
Plant assets, net | 262,864 | 239,952 | 220,572 |
Total assets | $554,256 | $490,780 | $426,550 |
| |||
Liabilities and Equity |
|
|
|
Accounts payable | $140,078 | $99,155 | $73,889 |
Long-term notes payable secured by mortgages on plant assets | 117,811 | 119,839 | 102,069 |
Common stock, $10 par value | 172,500 | 172,500 | 172,500 |
Retained earnings | 123,867 | 99,286 | 78,092 |
Total liabilities and equity | $554,256 | $490,780 | $426,550 |
| |||
What is Corona Company's inventory turnover ratio for 2014, assuming net sales and gross profit for the period were $1,484,153, $1,030,337 respectively? |
5.79
4.31
10.90
4.80
5.09
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