Question
Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $160,000 and $80,000, respectively. Year-end balances for these accounts were $180,000
| Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $160,000 and $80,000, respectively. Year-end balances for these accounts were $180,000 and $60,000, respectively. Sales for the year of $550,000 generated a gross profit of $180,000. |
| Calculate the receivables and inventory turnover ratios for the year. Receivables Turnover Ratio: Inventory Turnover Ratio: |
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Principles Of Auditing: An International Perspective
Authors: Rick Stephan Hayes, Philip Wallage, Arnold Schilder, Roger Dassen
1st Edition
0077095324, 978-0077095321
