Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need help with C! 4. Award: 2.63 out of 3.50 points The following information was available for the year ended December 31, 2016

image text in transcribed

I just need help with C!

4. Award: 2.63 out of 3.50 points The following information was available for the year ended December 31, 2016 Net sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end S784,750 594,950 38,300 31,200 158,000 157,300 Required a. Calculate the inventory turnover for 2016. (Round your answer to 2 decimal places.) 3.77 times b. Calculate the number of days' sales in inventory for 2016, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) Number of days' sales in 96.5 days c. Calculate the accounts receivable turnover for 2016. (Round your answer to 1 decimal place.) Accounts receivable 25.2 x times d. Calculate the number of days' sales in accounts receivable for 2016, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) Number of days' sales in Accounts 14.5 days va

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting With Peachtree Complete 2011

Authors: Carol Yacht, Peachtree Software

15th Edition

007811098X, 978-0078110986

More Books

Students also viewed these Accounting questions

Question

2 What are the advantages and disadvantages of job evaluation?

Answered: 1 week ago

Question

1 Name three approaches to job evaluation.

Answered: 1 week ago