Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information was available for the year ended December 31, 2019: Net sales $ 1,095,000 Cost of goods sold 657,000 Average accounts receivable for

The following information was available for the year ended December 31, 2019:

Net sales $ 1,095,000
Cost of goods sold 657,000
Average accounts receivable for the year 44,250
Accounts receivable at year-end 18,000
Average inventory for the year 226,000
Inventory at year-end 158,400

Required:

Calculate the inventory turnover for 2019.

Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.)

Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.)

Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.)

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

ACC 120 Wake Tech Financial Accounting W Connect Plus Access

Authors: J. David Spiceland

1st Edition

1308168926, 978-1308168920

More Books

Students also viewed these Accounting questions

Question

What are some of the different elements of communication?

Answered: 1 week ago

Question

Do you have a favorite memory?

Answered: 1 week ago

Question

4-1. What is meant by the term you attitude? [LO-1]

Answered: 1 week ago