Guided Example Selected financial information for Helmet Corporation, a merchandising company, for the fiscal year ending December 31 appears on the right. All of the company's sales are on account. Required: Compute the following financial data for this year: 1. Accounts receivable turnover. 2. Average collection period. 3. Inventory turnover. 4. Average sale period. 5. Operating cycle. 6. Total asset turnover. Exercise 16-3 Helmet Corporation Excerpts from Comparative Financial Statements (dollars In thousands) Sales Cost of goods sold Gross margin Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total property and equipment Total assets conn This Year $ 101,000 37,875 63,125 2,000 14,650 16,850 4,000 37,500 81,000 118,500 Last Year $ 98,000 36,750 61,250 3,100 12,900 17,000 3,500 36,500 75,000 111,500 [LO16-3]

Exercise 16-3 Selected financial information for Helmet Corporation, a merchandising company, for the fiscal year ending December 31 appears on the right. All of the company's sales are on account. Required: Compute the following financial data for this year: 1. Accounts receivable turnover. 2. Average collection period. 3. Inventory turnover. 4. Average sale period. 5. Operating cycle. 6. Total asset turnover