The following financial information was taken from a firm's accounting records for 2019. Use this information to determine the items below.
$\begin{array}{lrr}
& \text { Jan. } 1 & \text { Dec. 31 } \
\text { Accounts Receivable } & \$ 272,000 & \$ 293,000 \
\text { Merchandise Inventory } & 304,000 & 319,000 \
\text { Net Credit Sales } & & 2,300,000 \
\text { Cost of Goods Sold } & & 1,200,000
\end{array}$
(1.) Inventory turnover
(2.) Accounts receivable turnover
(3.)Average collection period of accounts receivable

Question

The following financial information was taken from a firm's accounting records for 2019. Use this information to determine the items below.
$\begin{array}{lrr} 
& \text { Jan. } 1 & \text { Dec. 31 } \
\text { Accounts Receivable } & \$ 272,000 & \$ 293,000 \
\text { Merchandise Inventory } & 304,000 & 319,000 \
\text { Net Credit Sales } & & 2,300,000 \
\text { Cost of Goods Sold } & & 1,200,000
\end{array}$ 
(1.) Inventory turnover
(2.) Accounts receivable turnover
(3.)Average collection period of accounts receivable

Quizplus · Accepted Answer

The Answer of The following financial information was taken from a firm's accounting records for 2019. Use this information to determine the items below.
$\begin{array}{lrr} 
& \text { Jan. } 1 & \text { Dec. 31 } \
\text { Accounts Receivable } & \$ 272,000 & \$ 293,000 \
\text { Merchandise Inventory } & 304,000 & 319,000 \
\text { Net Credit Sales } & & 2,300,000 \
\text { Cost of Goods Sold } & & 1,200,000
\end{array}$ 
(1.) Inventory turnover
(2.) Accounts receivable turnover
(3.)Average collection period of accounts receivable

The Following Financial Information Was Taken from a Firm's Accounting