Old Dominion Antiques Shop reported the following income statement and balance sheet for 2016:

a)Determine the inventory turnover and the average number of days to sell its inventory.
b)Determine the accounts receivable turnover and the average number of days it takes to collect accounts receivable.
c)Determine the estimated number of days in the operating cycle.Round the number of days answers to one decimal place.

Question

Old Dominion Antiques Shop reported the following income statement and balance sheet for 2016:
  
a)Determine the inventory turnover and the average number of days to sell its inventory.
b)Determine the accounts receivable turnover and the average number of days it takes to collect accounts receivable.
c)Determine the estimated number of days in the operating cycle.Round the number of days answers to one decimal place.

Quizplus · Accepted Answer

The Answer of Old Dominion Antiques Shop reported the following income statement and balance sheet for 2016:
  
a)Determine the inventory turnover and the average number of days to sell its inventory.
b)Determine the accounts receivable turnover and the average number of days it takes to collect accounts receivable.
c)Determine the estimated number of days in the operating cycle.Round the number of days answers to one decimal place.

Old Dominion Antiques Shop Reported the Following Income Statement and Balance