Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.
Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| Corporation. Gross income $25,240,000 Total sales 24,324,000 Total credit sales 18,785,000 Net income 2,975,000 Cost of goods sold 12,600,000 Total assets 10,550,000 Average inventory 2,875,000 Average receivables 3,445,000 a. Compute the receivable turnover ratio. b. Compute the inventory turnover ratio. c. Compute the asset turnover ratio. |
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