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Problem 2 Required: Compute (1) accounts receivable turnover for 2014 and (2) the inventory turnover for 2014. (20 points) 2014 2013 Balance sheet items Accounts
| Problem 2 | ||||
| Required: Compute (1) accounts receivable turnover for 2014 and (2) the inventory turnover for 2014. | ||||
| (20 points) | ||||
| 2014 | 2013 | |||
| Balance sheet items | ||||
| Accounts receivable | $ 380,000.00 | $ 376,000.00 | ||
| Inventory | $ 480,000.00 | $ 440,000.00 | ||
| Income statement items | ||||
| Sales | $ 3,400,000.00 | |||
| Cost of goods sold | $ 1,600,000.00 | |||
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GAO Financial Audit Manual Volume 1 Updated April 2020
Authors: United States Government GAO
2020 Edition
B091PR8396, 979-8733135977
