Question
The following is from the financial reports of Sledge Company: Credit Sales $ 1,250,000 Average Accounts Receivable 250,000 Inventory Purchases 405,000 Costs of Goods Sold
The following is from the financial reports of Sledge Company:
| Credit Sales | $ 1,250,000 |
| Average Accounts Receivable | 250,000 |
| Inventory Purchases | 405,000 |
| Costs of Goods Sold | 550,000 |
| Change in Inventory | (145,000) |
| Average Accounts Payable | 123,500 |
| Total Revenues | 1,500,000 |
| Average Net Fixed Assets | 275,000 |
| Average Total Assets | 385,000 |
Required Calculate the following: Use 365 days in a year. Round all intermediate calculations and final answers to three decimal places.
| a.) | Fixed Asset Turnover | fill in the blank 1 |
| b.) | Total Asset Turnover | fill in the blank 2 |
| c.) | Accounts Payable Turnover | fill in the blank 3 |
| d.) | Accounts Payable Turnover in Days | fill in the blank 4 |
| e.) | Accounts Receivable Turnover | fill in the blank 5 |
| f.) | Accounts Receivable Turnover in Days | fill in the blank 6 |
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South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts
Authors: William A. Raabe, James C. Young, William H. Hoffman, Annette Nellen, David M. Maloney
43rd Edition
357109163, 9780357109748, 978-0357109168
