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Use the financial data below to calculate the following ratios: a. Accounts receivable turnover b. Days sales uncollected c. Inventory turnover d. Days sales in
Use the financial data below to calculate the following ratios: a. Accounts receivable turnover b. Days sales uncollected c. Inventory turnover d. Days sales in inventory Income statement data Sales (all on credit) $650,000 Cost of goods sold 425,000 Income turnover 78,000 Net income 54,600 Ending Beginning Balances Balances Cash $ 19,500 $ 15,000 Accounts receivable (net) 65,000 60,000 Inventory 71,500 64,500 Plant and equipment (net) 195,000 183,900 Total assets $351,000 $323,400 Current liabilities $62,400 Long-term notes payable $ 97,500
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