laiksWindow Help Wikipedia eBook-Price, Check my work mode : This shows what is

Question

laiksWindow Help Wikipedia eBook-Price, Check my work mode : This shows what is correct or incon Connect Solomon Company reports the following in its most recent year of operations: . Sales, $1,000,000 (all on account) Cost of goods sold, $490,000 Gross profit, $510,000 Accounts receivable, beginning of year, $110,000 Accounts receivable, end of year, $140,000 Merchandise inventory, beginning of year, $55,000 Merchandise inventory, end of year, $60,000 Based on these balances, compute: a. The accounts receivable turnover b. The inventory turnover Answer is not complete. Complete this question entering your answers in the tabs below. Required a Required b The accounts receivable turnover Accounts Receivable Turnover Accounts Receivable Choose Numerator Choose Denominator Current liabilities Current assets 490,000 Required b >

Explanation / Answer

a) Account receivable turnover :

b) Inventory turnover :

Choose numerator / Choose denominator = account receivable turnover Sales / average receivable = Account receivable turnover 1000000 / 125000 = 8

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