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Sales for the year were $77,000 and cost of goods sold were $61,600. The balance sheet at the end of the year is given
Sales for the year were $77,000 and cost of goods sold were $61,600. The balance sheet at the end of the year is given below: Assets Liabilities and Equity Cash 8,000 Accounts payable 20,000 Accounts receivable 3,000 Current liabilities 20,000 Inventory 35,000 Long-term debt 95,000 Current assets 46,000 Total liabilities 115,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 25,000 Net fixed assets 114,000 Equity 45,000 Total assets 160,000 Total liab. & equity 160,000 Part 1 What is the firm's days' sales in receivables? 1+ decimals Submit BAttempt 1/10 for 10 pts. Part 2 What is the total asset turnover? BAttempt 1/10 for 10 pts. 3+ decimals
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