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Use the following information to answer questions 56-58. Green Thumb Garden Supplies reported the following information for 2017 and 2018. 2018 2017 Assets Cash Accounts
Use the following information to answer questions 56-58. Green Thumb Garden Supplies reported the following information for 2017 and 2018. 2018 2017 Assets Cash Accounts receivable Inventory Property, plant, and equipment Total assets $ 50,000 $ 45,000 35,000 25,000 25,000 20,000 240,000 210,000 $350,000 $300,000 Liabilities and Shareholders' Equity Current liabilities Non-current liabilities Shareholders' equitycommon Total liabilities and shareholders' equity $ 65,000 $ 60,000 110,000 90,000 175,000 150,000 $350,000 $300,000 Income statement for 2018 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense Net income $95,000 45,000 50,000 15,000 35,000 5,000 $30,000 Question 57 (2 points) What is the receivables turnover ratio for 2018? 2.7 times 0 3.2 times 3.8 times 2.0 times Question 58 (2 points) What is the inventory turnover ratio for 2018? O 1.8 times 0.5 times 02.3 times 0 2.0 times
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