The following balance sheet information is provided for Gaynor Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } & 2014 & 2013 \
\hline \text { Cash } & \$ 4,000 & \$ 2,000 \
\hline \text { Accounts receivable } & 15,000 & 12,000 \
\hline \text { Inventory } & \$ 35,000 & \$ 38,000 \
\hline
\end{array}$ Assuming 2014 cost of goods sold is $153,300, what is the company's inventory turnover?
A) 4.0 times
B) 4.4 times
C) 4.2 times
D) None of these answers is correct.

Question

The following balance sheet information is provided for Gaynor Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } &  2014  & 2013 \
\hline \text { Cash } & \$  4,000 & \$  2,000 \
\hline \text { Accounts receivable } &  15,000 &  12,000 \
\hline \text { Inventory } & \$  35,000 & \$  38,000 \
\hline
\end{array}$ Assuming 2014 cost of goods sold is $153,300, what is the company's inventory turnover?
A) 4.0 times
B) 4.4 times
C) 4.2 times
D) None of these answers is correct.

Quizplus · Accepted Answer

The Answer of The following balance sheet information is provided for Gaynor Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } &  2014  & 2013 \
\hline \text { Cash } & \$  4,000 & \$  2,000 \
\hline \text { Accounts receivable } &  15,000 &  12,000 \
\hline \text { Inventory } & \$  35,000 & \$  38,000 \
\hline
\end{array}$ Assuming 2014 cost of goods sold is $153,300, what is the company's inventory turnover?
A) 4.0 times
B) 4.4 times
C) 4.2 times
D) None of these answers is correct.

The Following Balance Sheet Information Is Provided for Gaynor Company