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Corona Company's balance sheet accounts follow: At December 31 2014 2013 2012 Assets Cash $51,080 $56,387 $56,418 Accounts receivable, net 103,246 79,219 66,388 Merchandise inventory
Corona Company's balance sheet accounts follow:
At December 31 | 2014 | 2013 | 2012 |
Assets | |||
Cash | $51,080 | $56,387 | $56,418 |
Accounts receivable, net | 103,246 | 79,219 | 66,388 |
Merchandise inventory | 120,332 | 98,715 | 71,331 |
Prepaid expenses | 33,542 | 33,323 | 28,665 |
Plant assets, net | 267,066 | 244,156 | 224,778 |
Total assets | $575,266 | $511,800 | $447,580 |
Liabilities and Equity | |||
Accounts payable | $146,482 | $105,559 | $80,097 |
Long-term notes payable secured by mortgages on plant assets | 124,215 | 126,243 | 108,277 |
Common stock, $10 par value | 174,500 | 174,500 | 174,500 |
Retained earnings | 130,069 | 105,498 | 84,706 |
Total liabilities and equity | $575,266 | $511,800 | $447,580 |
What is Corona Company's inventory turnover ratio for 2014, assuming net sales and gross profit for the period were $1,533,627, $1,050,887 respectively? |
10.65 | |
4.89 | |
5.85 | |
5.17 | |
4.41 |
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