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Required information Skip to question [ The following information applies to the questions displayed below. ] Perry Corporation is a local grocery store organized seven

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Perry Corporation is a local grocery store organized seven years ago as a corporation. At that time, a total of 29,000 shares of common stock were issued to the three organizers. The store is in an excellent location and sales have increased each year. At the end of the current year, the bookkeeper prepared the following statement (assume that all amounts are correct; note the incorrect terminology and format):
PERRY CORPORATION
Profit and Loss
December 31, current year
Account Titles Debit Credit
Sales $ 203,000
Cost of goods sold $ 96,100
Sales returns and allowances 18,500
Selling expense 18,900
Administrative and general expense 19,900
Bad debt expense 3,900
Sales discounts 9,900
Income tax expense 12,800
Net profit 23,000
Totals $ 203,000 $ 203,000
2. The beginning and ending balances in accounts receivable were $17,900 and $19,900, respectively. Compute the receivables turnover ratio.

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