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Question 7 [5 points] The following financial statements are for Bentley Inc. Bentley Inc. Income Statement For Years Ended December 31, 2014, 2013, and 2012 2014 2013 Sales 1,051,700 1,011,600 Cost of goods sold 868,400 858,400 Gross profit from sales 183,300 153,200 Operating expenses 53,200 50,500 Operating income 130,100 102,700 Interest expense 11,500 10,250 Income before taxes 118,600 92,450 Income taxes 21,400 21,000 Net income 97,200 71,450 67,700 2012 940,500 792,700 147,800 42,700 105,100 8,900 96,200 21,600 74,600 Bentley Inc. Balance Sheet December 31, 2014, 2013, and 2012 Assets 2014 Cash 11,900 Short-term investments 35,000 Accounts receivable, net 19,600 Merchandise inventory Prepaid expenses 2,900 Notes receivable, due in 2017 9,500 Property, plant and equipment, net 490,000 Total assets 636,600 Liabilities and Equity Accounts payable 22,600 Salaries payable 19,200 Income taxes payable 15,950 Long-term note payable secured by mortgage on plant assets 222,000 Share capital 220,000 Retained earnings 136,850 Total liabilities and equity 636,600 2013 11,100 34,000 24,500 73,000 2,800 10,500 477,000 632,900 2012 10,700 31,000 30,000 88,000 2,700 12,500 408,000 582,900 20,200 20,000 16,050 250,000 250,000 76,650 632,900 21,600 17,600 16,200 237,000 290,000 500 582,900 Compute the accounts receivable turnover below, and indicate whether the change from year to year is favourable or unfavourable. For your analysis, assume that all other things have remained constant. Apply your analysis in very general terms. All values should be accurate to at least two decimal places. 1 2014 2013 Ratio Accounts receivable turnover Measure of (select one) Analysis (select one)